ABNAMRO LaSalle ABSTSSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: October 15, 1997
(Date of earliest event reported)
GS Mortgage Securities Corporation II
(Sponsor)
(Issuer in Respect of Commercial Mortgage Pass_Through
Certificates Series 1997-GL 1)
(Exact name of registrant as specified in charter)
Delaware 33-99774-02 22-3442024
(State or other juris- (Commission (I.R.S.
Employer
diction of organization) File No.) Identification
No.)
85 Broad Street, New York, New York 10004
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code (212)
902-1000
(Former name or former address, if changed since last
report.)
ITEM 5. OTHER EVENTS
This Current Report on Form 8-K relates to the
Trust Fund formed, and the Commercial Mortgage Pass-Through
Certificates Series 1997-GL 1 issued pursuant to, a Pooling
and Servicing Agreement, dated as of August 11, 1997 (the
"Pooling and Servicing Agreement"), by and among GS Mortgage
Securities Corporation II, as sponsor, GMAC Commercial
Mortgage Corporation, as master servicer and special
servicer, LaSalle National Bank, as trustee and REMIC
administrator, and ABN AMRO Bank, N.V., as fiscal agent.
The Class A-1, Class A-2A, Class A-2B, Class A-2C, Class A-2D, Class X-1A a
nd Class X-2 Certificates have been
registered pursuant to the Act under a Registration
Statement on
Form S-3 (File No. 333-27083) (the "Registration
Statement").
Capitalized terms used herein and not defined
herein have the same meanings ascribed to such terms in the
Pooling and Servicing Agreement.
Pursuant to Section 3.20 of the Pooling and
Servicing Agreement, the Trustee is filing this Current
Report containing (i)the October 15, 1997 monthly
distribution report prepared by the Trustee pursuant to
Section 4.02 thereof and (ii)certain information received
from the borrowers under the loan documents, including
operating statement, officer's certificates, occupancy
reports, tenant sales per square foot and rent per square
foot be merchandise category, tenant notices and tenant
change reports or listing of tenants that declared
bankruptcy or had lease expirations that did not renew.
This Current Report is being filed by the Trustee,
in its capacity as such under the Pooling and Servicing
Agreement, on behalf of the Registrant. The information
reported and contained herein has been supplied to the
Trustee by one or more of the Master Servicer, the Special
Servicer or other third parties without independent review
or investigation by the Trustee. Pursuant to the Pooling
and Servicing Agreement, the Trustee is not responsible for
the accuracy or completeness of such information.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL
INFORMATION
AND EXHIBITS
(c) Exhibits
Exhibit No. Description
99.1 Monthly distribution report
pursuant to
Section 4.02 of the Pooling and
Servicing
Agreement for the distribution on
October 15, 1997
99.2 Certain information received
from
borrowers pursuant to loan
documents.
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be
signed on behalf of the Registrant by the undersigned
thereunto duly authorized.
LASALLE NATIONAL BANK, IN
ITS CAPACITY AS TRUSTEE
UNDER THE POOLING AND
SERVICING AGREEMENT ON
BEHALF OF GS MORTGAGE
SECURITIES CORPORATION II,
REGISTRANT
By: /s Russell Goldenberg
Russell Goldenberg,
Senior Vice
President
Date: October 15, 1997
Exhibit Index
Exhibit No. Description
99.1 Monthly distribution report
pursuant to
Section 4.02 of the Pooling and
Servicing
Agreement for the distribution on
October 15, 1997
99.2 Certain information received
from
borrowers pursuant to loan
documents.
Exhibit 99.1
ABN AMRO
LaSalle National Bank
Administrator:
Barbara Marik (800) 246-5761
135 S. LaSalle Street Suite 1740
Chicago, IL 60603
GMAC Commercial Mortgage Corporation, as Servicer
AMRESCO Management Inc., as Special Servicer
Commercial Mortgage Pass-Through Certificates
Series 1997-GL1
ABN AMRO Acct: 67-7793-002
Payment Date: 10/15/97
Prior Payment: 09/15/97
Record Date: 09/30/97
A-1 Record Date: 10/10/97
WAC: 7.886762%
Number Of Pages
Table Of Contents 1
REMIC Certificate Report 5
Other Related Information 3
Asset Backed Facts Sheets 3
Delinquency Loan Detail
Mortgage Loan Characteristics
Loan Level Listing 1
Total Pages Included In This Package 13
Specially Serviced Loan Detail Appendix A
Modified Loan Detail Appendix B
Realized Loss Detail Appendix C
Upper Tier
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 50,000,000.00 50,000,000.00 0.00
36228CAJ2 1000.000000000 1000.000000000 0.000000000
A-2A 131,100,000.00 130,481,260.51 757,208.18
36228CAK9 1000.000000000 995.280400534 5.775806102
A-2B 240,900,000.00 240,900,000.00 0.00
36228CAL7 1000.000000000 1000.000000000 0.000000000
A-2C 30,000,000.00 30,000,000.00 0.00
36228CAM5 1000.000000000 1000.000000000 0.000000000
A-2D 222,190,000.00 222,190,000.00 0.00
36228CAN3 1000.000000000 1000.000000000 0.000000000
X-1A 50,000,000.00 N50,000,000.00 0.00
36228CAX1 1000.000000000 1000.000000000 0.000000000
X-1B 50,000,000.00 N50,000,000.00 0.00
9ABSA668 1000.000000000 1000.000000000 0.000000000
X-2 892,890,000.00 N892,271,260.51 0.00
36228CAY9 1000.000000000 999.307037272 0.000000000
B 78,160,000.00 78,160,000.00 0.00
36228CAP8 1000.000000000 1000.000000000 0.000000000
C 14,660,000.00 14,660,000.00 0.00
36228CAQ6 1000.000000000 1000.000000000 0.000000000
D 53,750,000.00 53,750,000.00 0.00
36228CAR4 1000.000000000 1000.000000000 0.000000000
E 14,650,000.00 14,650,000.00 0.00
36228CAS2 1000.000000000 1000.000000000 0.000000000
F 48,860,000.00 48,860,000.00 0.00
36228CAT0 1000.000000000 1000.000000000 0.000000000
G 58,620,000.00 58,620,000.00 0.00
36228CAU7 1000.000000000 1000.000000000 0.000000000
H 34,208,999.00 34,208,999.00 0.00
36228CAW3 1000.000000000 1000.000000000 0.000000000
R 0.00 0.00 0.00
9ABSA679 1000.000000000 0.000000000 0.000000000
977,098,999.00 976,480,259.51 757,208.18
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
A-1 0.00 0.00 50,000,000.00
36228CAJ2 0.000000000 0.000000000 1000.000000000
A-2A 0.00 0.00 129,724,052.33
36228CAK9 0.000000000 0.000000000 989.504594432
A-2B 0.00 0.00 240,900,000.00
36228CAL7 0.000000000 0.000000000 1000.000000000
A-2C 0.00 0.00 30,000,000.00
36228CAM5 0.000000000 0.000000000 1000.000000000
A-2D 0.00 0.00 222,190,000.00
36228CAN3 0.000000000 0.000000000 1000.000000000
X-1A 0.00 0.00 50,000,000.00
36228CAX1 0.000000000 0.000000000 1000.000000000
X-1B 0.00 0.00 50,000,000.00
9ABSA668 0.000000000 0.000000000 1000.000000000
X-2 0.00 0.00 891,514,052.33
36228CAY9 0.000000000 0.000000000 998.458995319
B 0.00 0.00 78,160,000.00
36228CAP8 0.000000000 0.000000000 1000.000000000
C 0.00 0.00 14,660,000.00
36228CAQ6 0.000000000 0.000000000 1000.000000000
D 0.00 0.00 53,750,000.00
36228CAR4 0.000000000 0.000000000 1000.000000000
E 0.00 0.00 14,650,000.00
36228CAS2 0.000000000 0.000000000 1000.000000000
F 0.00 0.00 48,860,000.00
36228CAT0 0.000000000 0.000000000 1000.000000000
G 0.00 0.00 58,620,000.00
36228CAU7 0.000000000 0.000000000 1000.000000000
H 0.00 0.00 34,208,999.00
36228CAW3 0.000000000 0.000000000 1000.000000000
R 0.00 0.00 0.00
9ABSA679 0.000000000 0.000000000 0.000000000
0.00 0.00 975,723,051.33
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
A-1 245,260.42 0.00 5.886250000%
36228CAJ2 4.905208400 0.000000000 5.855000000%
A-2A 754,616.62 0.00 6.940000000%
36228CAK9 5.756038291 0.000000000 Fixed
A-2B 1,377,145.00 0.00 6.860000000%
36228CAL7 5.716666667 0.000000000 Fixed
A-2C 173,250.00 0.00 6.930000000%
36228CAM5 5.775000000 0.000000000 Fixed
A-2D 1,284,998.83 0.00 6.940000000%
36228CAN3 5.783333318 0.000000000 Fixed
X-1A 23,895.83 0.00 0.573499920%
36228CAX1 0.477916600 0.000000000 0.982950000%
X-1B 0.00 0.00
9ABSA668 0.000000000 0.000000000
X-2 691,797.34 0.00 0.930386100%
36228CAY9 0.774784509 0.000000000 1.068534500%
B 452,941.13 0.00 6.954060410%
36228CAP8 5.795050281 0.000000000 7.151863120%
C 85,444.10 0.00 6.994060410%
36228CAQ6 5.828383356 0.000000000 7.191863120%
D 314,171.46 0.00 7.014060410%
36228CAR4 5.845050419 0.000000000 7.211863120%
E 86,484.57 0.00 7.084060410%
36228CAS2 5.903383618 0.000000000 7.281863120%
F 291,289.49 0.00 7.154060410%
36228CAT0 5.961716946 0.000000000 7.351863120%
G 372,435.35 0.00 7.624060410%
36228CAU7 6.353383657 0.000000000 7.821863120%
H 225,610.07 0.00 7.914060410%
36228CAW3 6.595050326 0.000000000 8.111863120%
R 0.00 0.00
9ABSA679 0.000000000 0.000000000
6,379,340.21 0.00
Middle Tier
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
MA-1 50,000,000.00 50,000,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MA-2A 131,100,000.00 130,481,260.51 757,208.18
None 1000.000000000 995.280400534 5.775806102
MA-2B 240,900,000.00 240,900,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MA-2C 30,000,000.00 30,000,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MA-2D 222,190,000.00 222,190,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MX-1B 50,000,000.00 N50,000,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MB 78,160,000.00 78,160,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MC 14,660,000.00 14,660,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MD 53,750,000.00 53,750,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
ME 14,650,000.00 14,650,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MF 48,860,000.00 48,860,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MG 58,620,000.00 58,620,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MH 34,208,999.00 34,208,999.00 0.00
None 1000.000000000 1000.000000000 0.000000000
MR 0.00 0.00 0.00
9ABSA680 1000.000000000 0.000000000 0.000000000
977,098,999.00 976,480,259.51 757,208.18
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
MA-1 0.00 0.00 50,000,000.00
None 0.000000000 0.000000000 1000.000000000
MA-2A 0.00 0.00 129,724,052.33
None 0.000000000 0.000000000 989.504594432
MA-2B 0.00 0.00 240,900,000.00
None 0.000000000 0.000000000 1000.000000000
MA-2C 0.00 0.00 30,000,000.00
None 0.000000000 0.000000000 1000.000000000
MA-2D 0.00 0.00 222,190,000.00
None 0.000000000 0.000000000 1000.000000000
MX-1B 0.00 0.00 50,000,000.00
None 0.000000000 0.000000000 1000.000000000
MB 0.00 0.00 78,160,000.00
None 0.000000000 0.000000000 1000.000000000
MC 0.00 0.00 14,660,000.00
None 0.000000000 0.000000000 1000.000000000
MD 0.00 0.00 53,750,000.00
None 0.000000000 0.000000000 1000.000000000
ME 0.00 0.00 14,650,000.00
None 0.000000000 0.000000000 1000.000000000
MF 0.00 0.00 48,860,000.00
None 0.000000000 0.000000000 1000.000000000
MG 0.00 0.00 58,620,000.00
None 0.000000000 0.000000000 1000.000000000
MH 0.00 0.00 34,208,999.00
None 0.000000000 0.000000000 1000.000000000
MR 0.00 0.00 0.00
9ABSA680 0.000000000 0.000000000 0.000000000
0.00 0.00 975,723,051.33
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
MA-1 245,260.42 0.00 5.886250000%
None 4.905208400 0.000000000 5.855000000%
MA-2A 860,530.48 0.00 7.914060410%
None 6.563924333 0.000000000 8.111863120%
MA-2B 1,588,747.63 0.00 7.914060410%
None 6.595050353 0.000000000 8.111863120%
MA-2C 197,851.51 0.00 7.914060410%
None 6.595050333 0.000000000 8.111863120%
MA-2D 1,465,354.24 0.00 7.914060410%
None 6.595050362 0.000000000 8.111863120%
MX-1B 0.00 0.00
None 0.000000000 0.000000000
MB 515,469.13 0.00 7.914060410%
None 6.595050281 0.000000000 8.111863120%
MC 96,683.44 0.00 7.914060410%
None 6.595050477 0.000000000 8.111863120%
MD 354,483.96 0.00 7.914060410%
None 6.595050419 0.000000000 8.111863120%
ME 96,617.49 0.00 7.914060410%
None 6.595050512 0.000000000 8.111863120%
MF 322,234.16 0.00 7.914060410%
None 6.595050348 0.000000000 8.111863120%
MG 386,601.85 0.00 7.914060410%
None 6.595050324 0.000000000 8.111863120%
MH 225,610.07 0.00 7.914060410%
None 6.595050326 0.000000000 8.036581520%
MR 0.00 0.00
9ABSA680 0.000000000 0.000000000
6,355,444.38 0.00
Lower Tier
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
LA-1T 49,500,000.00 49,500,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
LA-1S 500,000.00 500,000.00 0.00
None 1000.000000000 1000.000000000 0.000000000
LF-T 917,828,010.00 917,215,457.90 749,636.10
None 1000.000000000 999.332606879 0.816750079
LF-S 9,270,990.00 9,264,802.61 7,572.08
None 1000.000000000 999.332607413 0.816749883
LR 0.00 0.00 0.00
9ABSA691 1000.000000000 0.000000000 0.000000000
977,098,999.00 976,480,259.51 757,208.18
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
LA-1T 0.00 0.00 49,500,000.00
None 0.000000000 0.000000000 1000.000000000
LA-1S 0.00 0.00 500,000.00
None 0.000000000 0.000000000 1000.000000000
LF-T 0.00 0.00 916,465,821.80
None 0.000000000 0.000000000 998.515856800
LF-S 0.00 0.00 9,257,230.53
None 0.000000000 0.000000000 998.515857530
LR 0.00 0.00 0.00
9ABSA691 0.000000000 0.000000000 0.000000000
0.00 0.00 975,723,051.33
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
LA-1T 242,807.81 0.00 0.000000000%
None 4.905208283 0.000000000 5.886250000%
LA-1S 2,452.60 0.00 5.855000000%
None 4.905200000 0.000000000 5.886250000%
LF-T 6,049,082.13 0.00 5.855000000%
None 6.590648862 0.000000000 7.914060410%
LF-S 61,101.84 0.00 8.111863120%
None 6.590648895 0.000000000 7.914060410%
LR 0.00 0.00 8.111863120%
9ABSA691 0.000000000 0.000000000
6,379,340.21 0.00
Grantor Trust
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
Q 0.00 0.00 0.00
9ABSA678 1000.000000000 0.000000000 0.000000000
0.00 0.00 0.00
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
Q 0.00 0.00 0.00
9ABSA678 0.000000000 0.000000000 0.000000000
0.00 0.00 0.00
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
Q 0.00 0.00
9ABSA678 0.000000000 0.000000000
0.00 0.00 0.000000000%
Grantor Trust
Original Opening Principal
Class Face Value (1) Balance Payment
CUSIP Per $1,000 Per $1,000 Per $1,000
M 10,276,354.00 10,271,147.22 7,597.58
36228CAV5 1000.000000000 999.493324189 0.739326419
10,276,354.00 10,271,147.22 7,597.58
Principal Negative Closing
Class Adj. or Loss Amortization Balance
CUSIP Per $1,000 Per $1,000 Per $1,000
M 0.00 0.00 10,263,549.64
36228CAV5 0.000000000 0.000000000 998.753997770
0.00 0.00 10,263,549.64
Interest Interest Pass-Through
Class Payment Adjustment Rate (2)
CUSIP Per $1,000 Per $1,000 Next Rate (3)
M 70,070.63 0.00 8.186500000%
36228CAV5 6.818627326 0.000000000
70,070.63 0.00
Other Related Information
Stated Principal Balance Of The Mortgage Pool Prior to
Current Distribution976,480,259.6
Stated Principal Balance Of The Mortgage Pool Subsequent to
Current Distrib975,723,051.5
Servicing Fee Breakdown
Current Period Accrued Servicing Fees 38,382.92
Less Delinquent Servicing Fees 0.00
Plus Additional Servicing Fees 0.00
Less Reductions To Servicing Fees 0.00
Total Servicing Fees Collected 38,382.92
Special Servicing Fees 0.00
Trustee Fees 4,111.46
Advances (Interest at Gross)
Prior Outstanding
Principal Interest
Master Servicer: 0.00 0.00
Special Servicer 0.00 0.00
Trustee/Fiscal Agent: 0.00 0.00
Totals: 0.00 0.00
Current Month
Principal Interest
Master Servicer: 0.00 0.00
Special Servicer 0.00 0.00
Trustee/Fiscal Agent: 0.00 0.00
Totals: 0.00 0.00
Recovered
Principal Interest
Master Servicer: 0.00 0.00
Special Servicer 0.00 0.00
Trustee/Fiscal Agent: 0.00 0.00
Totals: 0.00 0.00
Advances Outstanding
Principal Interest
Master Servicer: 0.00 0.00
Special Servicer 0.00 0.00
Trustee/Fiscal Agent: 0.00 0.00
Totals: 0.00 0.00
Allocation Of Interest Shortfalls, Losses & Expenses
Accrued Prepayment Beginning
Certificate Interest Unpaid
Class Interest Shortfall Interest
A-1 245,260.42 0.00 0.00
A-2A 754,616.62 0.00 0.00
A-2B 1,377,145.00 0.00 0.00
A-2C 173,250.00 0.00 0.00
A-2D 1,284,998.83 0.00 0.00
X-1A 23,895.83 0.00 0.00
X-1B 0.00 0.00 0.00
X-2 691,797.32 0.00 0.00
B 452,941.13 0.00 0.00
C 85,444.10 0.00 0.00
D 314,171.46 0.00 0.00
E 86,484.57 0.00 0.00
F 291,289.49 0.00 0.00
G 372,435.35 0.00 0.00
H 225,610.07 0.00 0.00
6,379,340.19 0.00 0.00
Ending
Interest Unpaid
Class Loss Expenses Distributable Interest
A-1 0.00 0.00 245,260.42 0.00
A-2A 0.00 0.00 754,616.62 0.00
A-2B 0.00 0.00 1,377,145.0 0.00
A-2C 0.00 0.00 173,250.00 0.00
A-2D 0.00 0.00 1,284,998.8 0.00
X-1A 0.00 0.00 23,895.83 0.00
X-1B 0.00 0.00 0.00 0.00
X-2 0.00 0.00 691,797.34 0.00
B 0.00 0.00 452,941.13 0.00
C 0.00 0.00 85,444.10 0.00
D 0.00 0.00 314,171.46 0.00
E 0.00 0.00 86,484.57 0.00
F 0.00 0.00 291,289.49 0.00
G 0.00 0.00 372,435.35 0.00
H 0.00 0.00 225,610.07 0.00
0.00 0.00 6,379,340.2 0.00
Allocation Of Additonal Interest Proceeds
Net
Prepayment Default Default Excess
Class Premiums Interest Interest Interest
A-1 0.00 0.00 0.00 0.00
A-2A 0.00 0.00 0.00 0.00
A-2B 0.00 0.00 0.00 0.00
A-2C 0.00 0.00 0.00 0.00
A-2D 0.00 0.00 0.00 0.00
X-1A 0.00 0.00 0.00 0.00
X-1B 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00
B 0.00 0.00 0.00 0.00
C 0.00 0.00 0.00 0.00
D 0.00 0.00 0.00 0.00
E 0.00 0.00 0.00 0.00
F 0.00 0.00 0.00 0.00
G 0.00 0.00 0.00 0.00
H 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
Asset Backed Facts - Pool Total
Distribution Delinq 1 Month Delinq 2 Months
Date # Balance # Balance
10/15/97 0 0 0 0
0.00% 0.000% 0.00% 0.000%
09/15/97 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
Distribution Delinq 3+ Months Foreclosure/Bankruptcy
Date # Balance # Balance
10/15/97 0 0 0 0
0.00% 0.000% 0.00% 0.000%
09/15/97 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
Distribution REO Modifications
Date # Balance # Balance
10/15/97 0 0 0 0
0.00% 0.000% 0.00% 0.000%
09/15/97 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
01/00/00 0 0 0 0
0.00% 0.000% 0.00% 0.000%
Distribution Prepayments Curr Weighted Avg.
Date # Balance Coupon Remit
10/15/97 0 0 7.8868% 7.8396%
0.00% 0.000%
09/15/97 0 0 8.1083% 8.0609%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
01/00/00 0 0 0.0000% 0.0000%
0.00% 0.000%
Delinquent Loan Detail
Paid Outstanding
Disclosure Doc Thru Current P&I P&I
Control # Date Advance Advances**
A. P&I Advance - Loan in Grace Period
B. P&I Advance - Late Payment but < one month delinq
1. P&I Advance - Loan delinquent 1 month
2. P&I Advance - Loan delinquent 2 months
3. P&I Advance - Loan delinquent 3 months or More
4. Matured Balloon/Assumed Scheduled Payment
** Outstanding P&I Advances include the current period P&I
Advance
Out. Property Special
Disclosure Doc Protection Advance Servicer
Control # Advances Description (Transfer Date)
Disclosure Doc Foreclosure Bankruptcy REO
Control # Date Date Date
Loan Level Detail
Property
Operating
Type Maturity
Statement
Name Code Date DSCR Date
AAPT Libor Component A Mixed Use 07/11/14 2.059
07/31/97
AAPT Libor Component B Mixed Use 07/11/27 0.000
Whitehall Pool Mixed Use 09/10/00 2.369
08/31/97
Cadillac Fairview Pool Retail 11/26/26 1.699
08/31/97
Montehiedra Retail 05/11/27 1.684
08/31/97
Ritz Plaza Multifamily 04/24/27 1.663
08/31/97
380 Madison Office 07/11/27 2.260
12/31/96
CAP Pool Mixed Use 03/09/27 1.480
08/31/97
Century Plaza Towers Office 03/09/27 2.000
08/31/97
AAPT Fixed Mixed Use 07/11/27 0.000
* NOI and DSCR, if available and reportable under the
terms of the trust agreement,
accuracy or methodology used to determine such
figures.
(1) Legend:
A. P&I Adv - in Grace Period
B. P&I Adv - < one month delinq
1. P&I Adv - delinquent 1 month
2. P&I Adv - delinquent 2 months
3. P&I Adv - delinquent 3+ months
4. Mat. Balloon/Assumed P&I
5. Prepaid in Full
6. Specially Serviced
7. Foreclosure
8. Bankruptcy
Ending
Principal Note
Name State Balance Rate
AAPT Libor Component A Various 30,000,000 6.586%
AAPT Libor Component B Various 20,000,000 6.416%
Whitehall Pool Various 72,085,094 8.680%
Cadillac Fairview Pool Various 258,102,419 7.935%
Montehiedra Virginia 52,514,001 8.230%
Ritz Plaza New York 62,285,845 8.135%
380 Madison New York 89,000,000 7.848%
CAP Pool Virginia 87,820,039 7.480%
Century Plaza Towers California 229,053,766 8.039%
AAPT Fixed Various 74,861,889 7.480%
Loan
Scheduled Prepayment
Status
Name P&I Prepayment Date
Code (1)
AAPT Libor Component A 164,656 0
AAPT Libor Component B 106,938 0
Whitehall Pool 602,560 (1)
Cadillac Fairview Pool 1,915,988 1
Montehiedra 399,417 0
Ritz Plaza 469,453 0
380 Madison 582,060 0
CAP Pool 620,372 (0)
Century Plaza Towers 1,693,936 (0)
AAPT Fixed 619,552 0
Exhibit 99.2
<TABLE>
<CAPTION>
----------------------------------------------------------------------
- --------------------------------------------------------------
Report Date: 09/08/97
MONTEHIEDRA TOWN CENTER
Page: 1
Company: 03 VORNADO
MONTEHIEDRA ACQUISITION LP
Date: 09/08/97
Development ID: 62 VORNADO
MONTEHIEDRA ACQUIS. LP
Time: 14:06:49
This is a PRELIM report since it contains
data from the current period. Entries are not final.
-------------------------------------------------------------------------
- -----------------------------------------------------------
Current
Period Year-to-Date
1 Month 1 Month
8 Months 8 Months
Thru: Aug 1997 Std. Budget
Variance % Aug 1997 Std. Budget Variance
%
------
- -----------------------------------------------------------------------
- -------------------------------------------------------
<S> <C> <C>
<C> <C> <C> <C> <C>
<C>
INCOME
MINIMUM RENTS 673,533 677,976
(4,443) -0.66 2,954,730 2,956,839 (2,109)
-0.07
FASB 13 MIN RENT ADJ 19,005 19,005
0 0.00 83,622 83,622 0
0.00
OVERAGE 29,547 0
29,547 0.00 60,463 107,283 (46,820)
-43.64
RE ESTATE TAX REIMB 33,371 29,188
4,183 14.33 150,522 127,922 22,600
17.67
SERVICE 187,153 185,980
1,173 0.63 817,992 817,457 535
0.07
MISCELLANEOUS 31,668 8,900
22,768 255.82 122,365 35,600 86,765
243.72
-------- --------
------- ------- ---------- ---------- -------
------
TOTAL INCOME 974,276 921,049
53,227 5.78 4,189,695 4,128,723 60,972
1.48
OPERATING EXPENSES
ADVERT, TRAVEL, & PROMO 12,027 20,080
8,053 40.10 65,070 95,320 30,250
31.73
BAD DEBT 0 0
0 0.00 0 0 0
0.00
INSURANCE 4,938 4,938
(0) -0.00 22,178 19,752 (2,426)
-12.28
LEGAL & ACCOUNTING 4,656 4,167
(489) -11.74 11,874 16,668 4,794
28.76
MANAGEMENT FEES 24,113 27,119
3,006 11.09 116,704 111,891 (4,813)
-4.30
MISCELLANEOUS 398 625
227 36.36 2,791 2,500 (291)
-11.65
OFFICE EXPENSE 307 500
193 38.52 1,084 2,000 916
45.81
PROFESSIONAL SERVICES (430) 1,862
2,292 123.10 8,299 7,448 (851)
-11.43
R&M RECOVERABLE 9,679 11,650
1,971 16.92 24,167 46,600 22,433
48.14
R&M CONTRACT RECOVERABLE 13,655 10,775
(2,880) -26.73 53,584 43,100 (10,484)
-24.32
R&M NONRECOVERABLE 1,100 1,000
(100) -10.00 4,400 4,000 (400)
-10.00
SALARIES & WAGES 8,292 10,103
1,811 17.93 33,166 40,412 7,246
17.93
SECURITY SERVICES 29,351 30,100
749 2.49 128,495 120,400 (8,095)
-6.72
SUPPLIES 29,016 27,866
(1,150) -4.13 126,710 111,464 (15,246)
-13.68
TAXES OTHER 0 0
0 0.00 0 1,600 1,600
100.00
TAXES PAYROLL 0 0
0 0.00 0 0 0
0.00
TAXES REAL ESTATE 37,193 18,596
(18,597) -100.00 144,375 107,181 (37,194)
-34.70
UTILITIES 19,216 21,250
2,034 9.57 84,155 85,000 845
0.99
-------- --------
------- ------- ---------- ---------- -------
------
TOTAL EXPENSES 193,512 190,631
(2,881) -1.51 827,053 815,336 (11,717)
-1.44
INCOME BEFORE INT,DEP 780,764 730,418
50,346 6.89 3,362,642 3,313,387 49,255
1.49
INTEREST EXPENSE 445,860 445,858
(2) -0.00 1,657,808 1,657,805 (3)
-0.00
AMORTIZATION 10,815 10,815
0 0.00 47,585 47,586 1
0.00
DEPRECIATION 141,967 141,907
(60) -0.04 624,654 624,415 (239)
-0.04
-------- --------
------- ------- ---------- ---------- -------
------
(598,642) (598,580)
(62) -0.01 (2,330,047) (2,329,806) (241)
-0.01
NET INCOME/LOSS 182,122 131,838
50,284 38.14 1,032,595 983,581 49,014
4.98
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------
- -----------------------------------------------------------------
Report Date: 09/08/97
MONTEHIEDRA TOWN CENTER
Page: 1
Company: 03 VORNADO
MONTEHIEDRA ACQUISITION LP
VORNADO
MONTEHIEDRA ACQUIS. LP
1997
- -----------------------------------------------------------------------
Actual Actual Actual
Actual Actual Actual Actual Actual
Budget
Description January February March
April May June July August
September
--------------------------------------------------------------
<S> <C> <C>
<C> <C> <C> <C> <C> <C>
<C>
INCOME
MINIMUM RENTS 0 0 0
266,598 666,517 666,517 681,564 673,533
677,976
RENT INCOME OUTLETS 0 0 0
0 0 0 0 0
54,354
FASB 13 MIN RENT ADJ 0 0 0
7,602 19,005 19,005 19,005 19,005
19,005
OVERAGE 0 0 0
0 0 78,206 -47,290 29,547
107,283
RE ESTATE TAX REIMB 0 0 0
17,181 33,120 33,120 33,731 33,371
29,188
SERVICE 0 0 0
73,539 183,848 183,848 189,604 187,153
185,980
MISCELLANEOUS 0 0 0
0 20,252 35,878 34,568 31,668
8,900
TOTAL INCOME 0 0 0
364,920 922,742 1,016,574 911,182 974,276
1,082,686
OPERATING EXPENSES
ADVERT, TRAVEL, & PROMO 0 0 0
0 5,860 11,544 35,638 12,027
12,080
BAD DEBT 0 0 0
0 0 0 0 0
0
INSURANCE 0 0 0
0 4,938 7,364 4,938 4,938
4,938
LEGAL & ACCOUNTING 0 0 0
0 0 0 7,217 4,656
4,166
MANAGEMENT FEES 0 0 0
0 35,737 21,823 35,031 24,113
33,584
MISCELLANEOUS 0 0 0
0 301 1,674 419 398
625
OFFICE EXPENSE 0 0 0
0 -124 261 639 307
500
PROFESSIONAL SERVICES 0 0 0
0 1,085 2,397 5,247 -430
1,862
R&M RECOVERABLE 0 0 0
0 304 11,894 2,291 9,679
11,650
R&M CONTRACT RECOVERABLE 0 0 0
0 13,887 10,307 15,735 13,655
10,775
R&M NONRECOVERABLE 0 0 0
0 0 0 3,300 1,100
1,000
SALARIES & WAGES 0 0 0
0 8,292 8,292 8,292 8,292
10,103
SECURITY SERVICES 0 0 0
0 39,297 29,929 29,918 29,351
30,100
SUPPLIES 0 0 0
9,514 26,061 31,036 31,083 29,016
27,866
TAXES OTHER 0 0 0
0 0 0 0 0
0
TAXES PAYROLL 0 0 0
0 0 0 0 0
0
TAXES REAL ESTATE 0 0 0
69,989 0 0 37,193 37,193
18,596
UTILITIES 0 0 0
0 25,838 19,041 20,059 19,216
21,250
TOTAL EXPENSES 0 0 0
79,503 161,477 155,562 237,001 193,512
189,095
INCOME BEFORE INT,DEP 0 0 0
285,417 761,265 861,012 674,181 780,764
893,591
INTEREST EXPENSE 0 0 0
333,750 0 446,406 431,792 445,860
445,633
AMORTIZATION 0 0 0
4,326 10,815 10,815 10,815 10,815
10,815
DEPRECIATION 0 0 0
56,787 141,967 141,967 141,967 141,967
141,907
0 0 0
-394,862 -152,782 -599,188 -584,574 -598,642
-598,355
NET INCOME/LOSS 0 0 0
-109,445 608,483 261,824 89,607 182,122
295,236
<CAPTION>
---------------------------------------------------------------
Budget Budget
Budget Total
Description October November
December Projected
-------------------------------------------------------------------
<S> <C> <C>
<C> <C>
INCOME
MINIMUM RENTS 677,976 678,608
679,710 5,669,000
RENT INCOME OUTLETS 54,354 54,354
62,687 225,749
FASB 13 MIN RENT ADJ 19,005 19,005
19,005 159,642
OVERAGE 0 0
214,568 382,314
RE ESTATE TAX REIMB 29,188 29,188
29,188 267,274
SERVICE 185,980 185,980
185,980 1,561,912
MISCELLANEOUS 8,900 8,900
8,900 157,965
TOTAL INCOME 975,403 976,035
1,200,038 8,423,857
OPERATING EXPENSES
ADVERT, TRAVEL, & PROMO 25,080 47,080
35,080 184,390
BAD DEBT 0 0
0 0
INSURANCE 4,938 4,938
4,938 41,930
LEGAL & ACCOUNTING 4,166 4,166
4,166 28,538
MANAGEMENT FEES 29,293 29,318
38,287 247,186
MISCELLANEOUS 625 625
100,625 105,291
OFFICE EXPENSE 500 500
500 3,084
PROFESSIONAL SERVICES 1,862 1,862
1,861 15,746
R&M RECOVERABLE 11,650 11,650
11,650 70,767
R&M CONTRACT RECOVERABLE 10,775 10,775
10,775 96,684
R&M NONRECOVERABLE 1,000 1,000
1,000 8,400
SALARIES & WAGES 10,103 10,103
10,103 73,578
SECURITY SERVICES 30,100 30,100
30,100 248,895
SUPPLIES 27,866 27,866
27,866 238,174
TAXES OTHER 0 0
0 0
TAXES PAYROLL 0 0
0 0
TAXES REAL ESTATE 18,596 18,596
18,596 218,759
UTILITIES 21,250 21,250
21,250 169,155
TOTAL EXPENSES 197,804 219,829
316,797 1,750,580
INCOME BEFORE INT,DEP 777,599 756,206
883,241 6,673,276
INTEREST EXPENSE 431,038 445,076
430,496 3,410,051
AMORTIZATION 10,815 10,815
10,815 90,845
DEPRECIATION 141,907 141,907
141,907 1,192,282
-583,760 -597,798 -583,218
*,***,***
NET INCOME/LOSS 193,839 158,408
300,023 1,980,097
</TABLE>
- -----------------------------------------------------------------
<PAGE>
KNIGHTSBRIDGE MANAGEMENT
235 West 48th Street, RP Level, New York, NY
10036
Ph#(212)582-4000 Fax#(212)582-3448
October 6, 1997
Ms. Ingrid Olson
GMAC Commercial Mortgage Corp.
650 Dresher road
Post Office Box 1015
Horsham, PA 19044-1378
BE: CS Ritz Holdings, L.P.
CMACCM Loan # 99-1016050
Dear Ms. Olson:
Per the referenced Loan Agreement monthly reporting
requirements, please find
the following:
1) Monthly and year-to-date Financial Statements
for the period ended
August 31, 1997
2) A comparison of budgeted income and expenses
and actual income and
expenses for the period
3) Currently, there are no commercial tenants
threatening non-payments or
requesting a termination of lease.
The information contained herein is true, accurate and
completely end fairly
present the financial condition and operations of CS Ritz
Holdings, L.P.
Sincerely,
/s/ Edward Torti
Edward Torti
Chief Financial Officer
Enclosures
Sld/eft
<PAGE>
CS RITZ HOLDINGS L.P.
Statement Of Operations
For the period December 19, 1996 to August 31, 1997
Revenue
Residential rent
$ 7,435,220
Commercial rent
960,074
Vacancy
(40,301)
Health club fees
161,866
421a income
269,265
Miscellaneous income
114,063
Interest
22,800
-----------
Total revenue
8,922,987
-----------
Operating expenses
Real estate taxes
Water and sewer taxes
917,609
Other operating expenses - Schedule
71,960
General expenses - Schedule
1,137,159
549,035
-----------
2,675,763
-----------
Net operating income:
6,247,224
-----------
Financial expenses
Mortgage interest, Cadim, Inc.
2,257,500
Mortgage interest, other
1,834,766
-----------
4,092,266
-----------
Net income before depreciation & amortization:
2,154,958
-----------
Depreciation
1,234,917
Amortization
19,324
-----------
1,254,241
-----------
Net income:
$ 900,717
===========
PAGE 1 OF 4
<PAGE>
CS RITZ HOLDINGS L.P.
Operating Expenses
For the period December 19, 1996 to August 31, 1997
Other operating expenses
Salaries and wages
$ 438,749
Employee benefits
86,768
Payroll taxes
54,375
Uniforms
1,757
Gas and electric
123,722
Fuel
75,779
Insurance
75,363
Superintendent rent credit
20,700
Superintendent expenses
600
Supplies and hardware
36,106
Equipment and tools
8,083
HVAC
6,772
Compactor and chute
3,604
Plumbing
2,668
Electrical repairs
2,152
Elevator contract and repairs
34,640
Intercom
698
Repairs and maintenance
21,179
Exterminating
3,220
Cleaning
14,751
Unit preparation
7,096
Health club expenses
110,863
Inspection fees & permits
3,870
Landscaping
2,876
Miscellaneous
768
----------
Total other operating expenses
$1,137,159
==========
General expanses
Management fees
430,641
Legal fees
10,879
Consulting
6,959
Engineering
--
Advertising and marketing
24,572
Leasing commissions
36,449
Leasing office supplies/equipment
2,411
Telephone
8,339
Data processing
2,204
General services
984
Finance and bank charges
--
Membership and dues
3,426
Bad debt
17,810
Miscellaneous administrative
1,143
Miscellaneous
3,218
----------
Total general expenses
$ 549,035
==========
PAGE 4 0F 4
<PAGE>
Letterhead of Atlantic American
Properties
September 29, 1997
GMAC Commercial Mortgage Corporation
650 Dresher Road
P.O. Box 1015
Horsham, Pennsylvania 19044-8015
Attention: Ingrid Olson
Re: Officer's Certificate for Monthly Reporting-August
31, 1997
Reference is made to that certain Loan Agreement, dated
as of June 30, 1997
(the "Loan Agreement"), among AAPOP 1, L.P. ("AAPOP 1"),
Atlantic American Land
Development, Inc. ("AALDI"), Iron Run Venture I ("Iron
Run I") and Iron Run
Venture II ("Iron Run II"); AAPOP, AALDI, Iron Run I and
Iron Run II are each
hereinafter referred to as a "Company" and collectively
as the "Companies"),
collectively as the borrower, and Goldman Sachs Mortgage
Company (together with
its successors and assigns, "Lender") as the lender. All
capitalized terms not
otherwise defined herein shall have the meanings ascribed
to them in the Loan
Agreement.
In connection with the attached documentation as of
August 31, 1997, I the
undersigned, being a duly authorized officer a AALDI,
and a duly authorized
officer of the general partner of each of AAPOP 1, Iron
Run I and Iron Run II,
do hereby certify to Lender that such items are true,
correct, accurate, and
complete and fairly present the results of the
operations of Borrowers'
Properties on a combined and individual basis in
accordance with Generally
Accepted Accounting Principles, without footnotes (as
applicable and subject to
normal year end adjustments) and:
(a) the Borrowers have not received any written notices
from a Tenant under
a Lease affecting 10,000 or more rentable square feet in an
Individual Property
threatening non-payment of rent or other material default by
landlord, alleging
or acknowledging a default by landlord, requesting a
termination or modification
of a Lease or notifying a Borrower of the exercise or
non-exercise of any option
provided for in such Tenant's Lease, or any other
similar material
correspondence received by a Borrower from Tenants during
the month, except as
disclosed in "Exhibit A" attached.
IN WITNESS WHEREOF, I have hereunto set my hand this
29th day of August,
1997.
/s/ James S. [illegible]
-----------------------------------------------
Name:
President and C.E.O.
-----------------------------------------------
Title:
<PAGE>
LETTERHEAD OF ATLANTIC AMERICAN
PROPERTIES
---------------------
M E M O R A N D U M
---------------------
September 26, 1997
SCHEDULE "A" - WRITTEN NOTICES FROM TENANTS
THERE WERE NO WRITTEN NOTICES FROM TENANTS DURING THE MONTH
OF AUGUST, 1997.
/s/ Patricia N. Saulino
Patricia N. Saulino
<PAGE>
<TABLE>
9952 GOLDMAN SACHS SECURITIZATION
09/29/97 COMPANY INCOME STATEMENT - Aug. 31, 1997
<CAPTION>
ACTUAL BUDGET (FAV) U=REV VAR
ACTUAL BUDGET (FAV) U=REV
VAR.
MONTH MONTH FAV (U)=EXP %
YTD YTD FAV (U)=EXP
%
REVENUE
<C> <C> <C> <C> <S>
<C> <C> <C>
<C>
2,530,266 2,513,425 16,841- 0.7 BASE
RENTS 9,795,230 9,985,480
190,250 1.9
463,326 449,216 14,110- 3.1 BASE
RENTS AFFILIATES 1,753,869 1,754,923
1,055 0.1
493- 1,927 2,420 125.6 CPI
6,263 7,708 1,445
18.7
118,566 131,925 13,359 10.1 OPERATING
ESCALATION 426,575 533,472
106,897 20.0
25,973 20,000 5,973- 29.9 OTHER
(INCOME) 303,381 80,000
223,381- 279.2
========= ========= ====== =====
========== ========== =========
=====
3,137,637 3,116,493 21,144- 0.7 TOTAL
REVENUE 12,285,318 12,361,583
76,266 0.6
EXPENSES
NON-ESCALATABLE
239 0 239- BAD DEBT
EXPENSE 17,961 0
17,961-
2,203 0 2,203- EMPLOYEE
BUSINESS EXPENSES 3,073 0
3,073-
19,935 2,954 16,981 574.9
PROFESSIONAL SERVICES 36,882 17,116
19,766- 115.5
32,836 16,717 16,119- 96.4
ADVERTISING 57,819 128,315
70,496 54.9
21,711 21,704 7- 0.0 RENT
LEASE EXPENSE LAND 86,846 86,816
30- 0.0
1,015 16 999- 999.0 OTHER
NON-ESCALATABLE 8,243- 64
8,307 999.0
--------- --------- ------ -----
---------- ---------- --------
-----
77,939 41,391 36,548- 88.3 TOTAL NON-ESCALATABLE
EXPENSES 194,338 232,311
37,973 16.3
ESCALATABLE
ADMINISTRATIVE
38,028 41,979 3,951 9.4 SALARIES
167,723 165,829
1,894- 1.1
6,606 9,713 3,107 32.0
FRINGES/TAXES 30,307 38,330
8,023 20.9
1,343 1,974 631 32.0 EQUIPMENT
RENTAL 7,499 7,740
241 3.1
27,200 28,087 887 3.2 INSURANCE
91,123 110,818 16,695
17.8
4,982 4,639 343- 7.4 TELEPHONE
24,839 18,345
6,494- 35.4
2,209 1,597 612- 38.3 OFFICE
SUPPLIES AND EQUIPMENT 8,703 6,318
2,385- 37.8
1,148 1,339 191 14.2
TRANSPORTATION 4,221 5,264
1,043 19.8
10,529 10,870 341 3.1 OFFICE
RENT 40,993 43,014
2,021 4.7
85,548 86,088 540 0.6
MANAGEMENT FEES 339,421 344,115
4,694 1.4
0 416 416 100.0 AUDIT
0 1,664 1,664
100.0
0 211 211 100.0 DUES &
SUBSCRIPTIONS 410 823
413 50.2
0 0 0 HIGH RISE
FIRE CODE TAX 1,250 1,500
250 16.7
722 693 29- 4.2 POSTAGE
2,762 2,721
39- 1.4
195 556 361 64.9 PROF
DEVELOPMENT PROPERTY MANAGERS 340 2,555
2,215 86.7
32,084- 1,329 33,413 999.0 OTHER
22,131 5,211
16,920- 324.7
--------- --------- ------ -----
---------- ---------- ---------
-----
146,427 189,491 43,064 22.7 TOTAL
ADMINISTRATIVE 741,722 754,249
12,527 1.7
UTILITIES
315,104 295,705 19,399- 6.6
ELECTRICITY-TENANT AREAS 1,021,087 1,054,109
33,022 3.1
49,851 32,378 17,473- 54.0
ELECTRICITY-COMMON AREAS 121,151 114,933
6,218- 5.4
6,159 3,787 2,372- 62.6 WATER
22,120 27,004 4,884
18.1
12,439 12,503 64 0.5 SEWER
42,548 53,389 10,841
20.3
422 1,597 1,175 73.6 GAS
1,564 6,208 4,644
74.8
</TABLE>
<PAGE>
<TABLE>
9952 GOLDMAN SACHS SECURITIZATION
09/29/97 COMPANY INCOME STATEMENT - Aug. 31, 1997
<CAPTION>
ACTUAL BUDGET (FAV) U=REV VAR
ACTUAL BUDGET (FAV) U=REV
VAR.
MONTH MONTH FAV (U)=EXP %
YTD YTD FAV (U)=EXP
%
<C> <C> <C> <C> <S>
<C> <C> <C>
<C>
0 0 0
IRRIGATION 1,127 3,082
1,955 63.4
0 0 0 OTHER
(UTILITIES) 589 0
589-
134,967- 117,823- 17,144 14.6 LESS:
CHARGES TO TENANTS 426,609- 409,230-
17,379 4.2
--------- --------- ------ -----
---------- ---------- ---------
-----
249,009 228,147 20,862- 9.1 TOTAL
UTILITIES 783,577 849,495
65,918 7.8
MAINTENANCE
MATERIALS/REPAIRS
746 1,158 412 35.5
ELECTRICAL SUPPLIES 218- 4,588
4,806 104.8
6,604 4,903 1,701- 34.7 HVAC
SUPPLIES 22,229 24,384
2,155 8.8
87 944 857 90.8 PLUMBING
SUPPLIES 662 3,738
3,076 82.3
3,787 2,804 983- 35.0 TUBES &
BULBS 12,186 10,681
1,505- 14.1
267 1,050 783 74.6 GLASS &
HARDWARE 667 4,136
3,469 83.9
668 757 89 11.8 KEYS &
LOCKS 3,071 3,104
34 1.1
37 593 556 93.8 SMALL
TOOLS 1,282 2,331
1,049 45.0
424 817 393 48.1 FILTERS
691 3,153 2,462
78.1
4,255 7,312 3,057 41.8 FIRE
PROTECTION EQUIPMENT 35,516 33,304
2,212- 6.6
0 245 245 100.0 UNIFORMS
0 968 968
100.0
2,732 3,884 1,152 29.7
MAINTENANCE AND REPAIRS 16,362 14,344
2,018- 14.1
32,196 13,635 18,561- 136.1 BUILDING
REPAIRS 61,253 55,448
5,805- 10.5
7,005 1,428 5,577- 390.5 OTHER
MAINTENANCE 18,265 5,668
12,597- 222.3
19,240- 758- 18,482 999.0 LESS:
CHARGES TO TENANTS 31,004- 3,032-
27,972 922.5
--------- --------- ------ -----
---------- ---------- ---------
-----
39,567 38,772 795- 2.1 TOTAL
MAINTENANCE MATERIALS/REPAIRS 140,963 162,815
21,852 13.4
OUTSIDE
CONTRACTS
17,299 22,173 4,874 22.0 SECURITY
84,861 90,938 6,077
6.7
132 758 626 82.6 WATER
TREATMENT 4,010 3,999
11- 0.3
52,894 35,289 17,605- 49.9
LANDSCAPING-EXTERIOR 148,102 140,891
7,211- 5.1
1,437 1,537 100 6.5 PEST
CONTROL 5,551 6,071
520 8.6
10,893 6,204 4,689- 75.6 OTHER
(CONTRACT) 43,651 25,146
18,505- 73.6
1,500 2,738 1,238 45.2 PAINTING
& WALLCOVERING 1,953 10,875
8,922 82.0
3,460 3,846 386 10.0
LANDSCAPING-INTERIOR 12,408 15,230
2,822 18.5
17,677 14,992 2,685- 17.9 ELEVATOR
SERVICE 62,931 59,241
3,690- 6.2
583 1,360 777 57.1 PLUMBING
SERVICE 2,311 5,513
3,202 58.1
3,426 2,213 1,213- 54.8
ELECTRICAL SERVICE 15,506 8,681
6,825- 78.6
419 344 75- 21.8 SIGNS &
SIGN SERVICE 1,393 1,436
43 3.0
13,162 14,045 883 6.3 HVAC
SERVICE 70,587 60,207
10,380- 17.2
1,126 3,257 2,131 65.4 ENERGY
MANAGEMENT 4,769 12,997
8,228 63.3
3,303 3,302 1- 0.0 CONCIERGE
SERVICE 13,210 13,208
2- 0.0
2,449 1,042- 3,491- 335.0 LESS:
CHARGES TO TENANTS 9,428- 4,168-
5,260 126.2
--------- --------- ------ -----
---------- ---------- ---------
-----
129,760 111,016 18,744- 16.9 TOTAL
OUTSIDE CONTRACTS 461,816 450,265
11,551- 2.6
CLEANING
96,762 100,242 3,480 3.5 BASIC
JANITORIAL 372,229 400,245
28,016 7.0
11,785 11,120 665- 6.0 DAY STAFF
34,516 42,730 8,214
19.2
131 284 153 53.8 WINDOW
CLEANING 11,952 32,974
21,022 63.8
7,389 8,723 1,334 15.3 TRASH
REMOVAL 28,794 34,317
5,523 16.1
791 1,516 725 47.8 CLEANING
SUPPLIES 6,371 5,937
434- 7.3
</TABLE>
<PAGE>
<TABLE>
9952 GOLDMAN SACHS SECURITIZATION
09/29/97 COMPANY INCOME STATEMENT - Aug. 31, 1997
<CAPTION>
ACTUAL BUDGET (FAV) U=REV VAR
ACTUAL BUDGET (FAV) U=REV
VAR.
MONTH MONTH FAV (U)=EXP %
YTD YTD FAV (U)=EXP
%
<C> <C> <C> <C> <S>
<C> <C> <C>
<C>
5,302 4,447 855- 19.2 RESTROOM
SUPPLIES 26,438 25,733
705- 2.7
638 1,202 564 46.9 CARPET
CLEANING 28,628 42,497
13,869 32.6
170 648 478 73.7 OTHER
(CLEANING) 1,202 4,455
3,253 73.0
2,171- 2,158- 13 0.6 LESS:
CHARGES TO TENANTS 9,344- 8,520-
824 9.7
--------- --------- ------ -----
---------- ---------- ---------
-----
120,798 126,024 5,226 4.1 TOTAL
CLEANING 500,785 580,368
79,583 13.7
MAINTENANCE
LABOR
41,463 44,637 3,174 7.1
MAINTENANCE WAGES-S.T. 161,243 175,290
14,047 8.0
1,845 5,023 3,178 63.3
MAINTENANCE WAGES-O.T. 10,549 19,709
9,160 46.5
9,868 11,607 1,739 15.0
MAINTENANCE LABOR-FRINGES 47,682 46,428
1,254- 2.7
878- 1,165- 287- 24.6 LESS:
CHARGES TO TENANTS 4,708- 4,660-
48 1.0
--------- --------- ------ -----
---------- ---------- ---------
-----
52,299 60,102 7,803 13.0 TOTAL
MAINTENANCE LABOR 214,767 236,767
22,000 9.3
254,754 252,314 2,440- 1.0 REAL
ESTATE TAX 977,651 992,752
15,101 1.5
--------- --------- ------ -----
---------- ---------- ---------
-----
992,614 1,005,866 13,252 1.3 TOTAL
ESCALATABLE EXPENSES 3,821,281 4,026,711
205,430 5.1
========= ========= ====== =====
========== ========== =========
=====
1,070,553 1,047,257 23,296- 2.2 TOTAL
EXPENSES 4,015,618 4,259,618
243,404 5.7
OTHER
INCOME (EXPENSE)
15 0 15- OTHER
INCOME (EXPENSE) 612 0
612-
========= ========= ====== =====
========== ========== =========
=====
15 0 15- 0.0 TOTAL OTHER
INCOME (EXPENSE) 612 0
612- 0.0
========= ========= ====== =====
========== ========== =========
=====
2,067,099 2,069,236 2,137 0.1 NET
OPERATING INCOME (LOSS)-NOI 8,720,312 8,102,561
167,750- 2.1
</TABLE>
<PAGE>
ATLANTIC AMERICAN PROPERITES
CAPITAL IMPROVEMENTS
ACTIVITY FOR THE MONTH OF AUGUST, 1997
<TABLE>
<CAPTION>
BORROWER PROPERTY PROJECT
NAME AMOUNT STATUS
-------- -------- ------------
------ ------
<S> <C> <C>
<C> <C>
AALDI, INC. 303 FELLOWSHIP PARKING LOT
REPAIRS $24.00 STILL IN PROGRESS
303 FELLOWSHIP TOILET ROOM
EXHAUST $67.00 STILL IN PROGRESS
307 FELLOWSHIP PARKING LOT
REPAIRS $24.00 STILL IN PROGRESS
307 FELLOWSHIP TOILET ROOM
EXHAUST $67.00 STILL IN PROGRESS
700 EAST GATE DR. PARKING LOT
REPAIRS $24.00 STILL IN PROGRESS
700 EAST GATE DR. TOILET ROOM
EXHAUST $67.00 STILL IN PROGRESS
MASONS MILL 1 PAINT
BOLLARDS $174.80 WORK COMPLETE
MASONS MILL 2 PAINT
BOLLARDS $131.10 WORK COMPLETE
MASONS MILL 3 PAINT
BOLLARDS $131.10 WORK COMPLETE
MASONS MILL 4 PAINT
BOLLARDS $131.10 WORK COMPLETE
MASONS MILL 5 PAINT
BOLLARDS $174.80 WORK COMPLETE
MASONS MILL 6 PAINT
BOLLARDS $174.80 WORK COMPLETE
MASONS MILL 7 PAINT
BOLLARDS $152.95 WORK COMPLETE
MASONS MILL 7 PAINT POLE
LIGHTS $288.99 WORK COMPLETE
MASONS MILL 8 PAINT
BOLLARDS $174.80 WORK COMPLETE
MASONS MILL 8 PAINT POLE
LIGHTS $311.22 WORK COMPLETE
MASONS MILL 9 PAINT
BOLLARDS $131.10 WORK COMPLETE
MASONS MILL 9 PAINT POLE
LIGHTS $222.30 WORK COMPLETE
MASONS MILL 10 PAINT
BOLLARDS $174.80 WORK COMPLETE
MASONS MILL 10 PAINT POLE
LIGHTS $311.22 WORK COMPLETE
MASONS MILL 11 PAINT
BOLLARDS $131.10 WORK COMPLETE
MASONS MILL 11 PAINT POLE
LIGHTS $222.30 WORK COMPLETE
MASONS MILL 12 PAINT
BOLLARDS $174.80 WORK COMPLETE
MASONS MILL 12 PAINT POLE
LIGHTS $311.22 WORK COMPLETE
MASONS MILL 13 PAINT
BOLLARDS $152.95 WORK COMPLETE
MASONS MILL 13 PAINT POLE
LIGHTS $244.53 WORK COMPLETE
MASONS MILL 14 PAINT
BOLLARDS $174.80 WORK COMPLETE
MASONS MILL 14 PAINT POLE
LIGHTS $311.22 WORK COMPLETE
SUBTOTAL
$4,681.00
----------
AAPOP 1, L.P. SWEDESFORD SQUARE COMPRESSOR-HVAC
$16,316.43 WORK COMPLETE
MAIN STREET CENTRE RESTROOM
UPGRADES $781.55 STILL IN PROGRESS
304 HARPER TOILET ROOM
EXHAUST $67.00 STILL IN PROGRESS
305 FELLOWSHIP PARKING LOT
REPAIRS $24.00 STILL IN PROGRESS
305 FELLOWSHIP TOILET ROOM
EXHAUST $67.00 STILL IN PROGRESS
309 FELLOWSHIP PARKING LOT
REPAIRS $24.00 STILL IN PROGRESS
309 FELLOWSHIP TOILET ROOM
EXHAUST $67.00 STILL IN PROGRESS
701 EG DR. PARKING LOT
REPAIRS $24.00 STILL IN PROGRESS
701 EG DR. TOILET ROOM
EXHAUST $67.00 STILL IN PROGRESS
815 EAST GATE DR. PARKING LOT
REPAIRS $24.00 STILL IN PROGRESS
817 EAST GATE DR. PARKING LOT
REPAIRS $24.00 STILL IN PROGRESS
1760 MARKET ST. UPGRADE
BATHROOM $41.00 STILL IN PROGRESS
1760 MARKET ST. RETROFIT
LIGHTING $486.85 WORK COMPLETE
----------
SUBTOTAL
$18,013.83
----------
IR VENTURE I 6755 SNOWDRIFT RD.
$0.00
----------
SUBTOTAL
$0.00
----------
IR VENTURE II 7150 WINDSOR DR.
$0.00
----------
SUBTOTAL
$0.00
----------
GRAND TOTAL
$22,694.83
==========
</TABLE>
<PAGE>
ATLANTIC AMERICAN PROPERTIES
TENANT IMPROVEMENTS & LEASE COMMISSIONS
ACTIVITY FOR THE MONTH OF AUGUST, 1997
<TABLE>
<CAPTION>
LEASE COMM.
BORROWER PROPERTY TI AMOUNT
AMOUNT STATUS
-------- -------- ---------
----------- ------
<S> <C> <C>
<C> <C>
AALDI, INC. MASONS MILL 12
$254.80 $0.00 WORK COMPLETE
MASONS MILL 12
$2,175.00 $0.00 WORK COMPLETE
MASONS MILL 13
$2,390.00 $0.00 WORK COMPLETE, MORE INVOICES
TO COME
MASCELLMAC I
($135,282.24)* $95,595.62 STILL IN PROGRESS
6810 TILGHMAN
$642.00 $0.00 STILL IN PROGRESS
6670 GRANT WAY
$221.00 $0.00 STILL IN PROGRESS
7010 SNOWDRIFT
$45,848.22 $0.00 STILL IN PROGRESS
----------- -----------
($83,781.22) $95,595.62
----------- -----------
AAPOP 1, L.P. 305 FELLOWSHIP
$551.00 $0.00 STILL IN PROGRESS
309 FELLOWSHIP
$992.00 $0.00 STILL IN PROGRESS
701 EG DR.
$76,999.50 $0.00 WORK COMPLETE, MORE INVOICES
TO COME
701 EG DR.
$237.67 $0.00 WORK COMPLETE
1760 MARKET ST.
$0.00 $3,294.90 JUST STARTING TI
1760 MARKET ST.
$0.00 $12,950.40 NOTHING DONE YET
1760 MARKET ST.
$0.00 $25,117.62 NO TI WORK BEING DONE
1760 MARKET ST.
$2,604.00 $0.00 WORK COMPLETE, MORE INVOICES
TO COME
----------- -----------
SUBTOTAL $81,384.17
$41,362.92
-----------
-----------
IR VENTURE I 6755 SNOWDRIFT RD. $0.00
$0.00
-----------
-----------
SUBTOTAL $0.00
$0.00
-----------
-----------
IR VENTURE II 7150 WINDSOR DR. $0.00
$0.00
-----------
-----------
SUBTOTAL $0.00
$0.00
-----------
-----------
GRAND TOTAL
($2,367.05) $136,958.54
===========
===========
</TABLE>
*This is a negative amount because the Tenant is paying for
$141,117 of these
improvements and the invoices have not come in yet to be
paid.
Cadillac Fairvlew S.C. Finance,
as general partner of the Borrowers
(see attached)
Combined Statement of Income
for the ten months ended August 31, 1997
US$
<TABLE>
<CAPTION>
Dover Dover
Galleria at
Commons Mall
Esplanade White Plains Golden East
---------- ---------- ---------- ------------ -----------
<S> <C> <C> <C>
<C> <C>
Revenue
Rent 376,329 1,051,383
5,141,073 8,197,395 1,902,342
Percentage rent -- 604,213
382,418 74,470 450,794
Recoveries
-Property operating 14,385 1,682,464
2,959,682 3,827,028 816,890
-Realty taxes 18,290 255,418
339,550 1,753,909 189,032
Miscellaneous -- 101,369
115,571 250,951 19,632
---------- ---------- ---------- ---------- ----------
409,001 15,694,847
9,938,294 14,103,753 4,378,690
---------- ---------- ---------- ---------- ----------
Expenses
Recoverable expenses
Realty taxes 25,000 300,681
363,415 2,250,522 240,933
CAM indoor 218 18,522
1,130,084 -- 662,584
CAM outdoor 71,950 1,257,455
574,344 2,488,108 308,157
HVAC -- 157,576
-- 933,142 --
Electric -- --
807,625 -- --
Water -- --
22,028 68,838 --
Sprinkler -- --
2,828 -- --
Food court -- 49,976
49,804 235,342 28,932
Insurance -- --
-- -- --
Trash removal -- --
28,363 -- --
Service center -- --
-- -- --
Non-recoverable expenses
Administration 7,256 231,612
158,737 245,190 113,185
Specialty leasing -- 14
1,821 507 222
Utilities 2,757 13,451
177 32,535 3,862
Maintenance 727 48,311
2,153 35,459 5,902
Management fee 11,417 118,818
196,420 251,719 95,211
- --------- ---------- ---------- ---------- ----------
119,325 2,196,416
3,337,799 6,541,362 1,458,988
---------- ---------- ---------- ---------- ----------
Net income before charges
for interest, depreciation,
amortization of non-
recoverable deferred
expenses and income taxes 289,676 4,498,431
6,600,495 7,562,391 2,919,702
========== ==========
========== ========== ==========
<CAPTION>
Georgia Northpark
Shannon
N.Dekalb Mall
Southpark Total
---------- ---------- ---------- ----------
<S> <C> <C> <C>
<C>
Revenue
Rent 2,144,087 5,895,125
3,360,417 33,068,148
Percentage rent 24,612 306,234
135,667 1,978,408
Recoveries
-Property operating 1,059,201 3,122,717
1,774,886 15,257,253
-Realty taxes 265,468 399,623
264,385 3,485,675
Miscellaneous 21,855 87,886
5,062 602,326
---------- ---------- ---------- ----------
3,515,223 9,811,585
5,540,417 54,391,810
---------- ---------- ---------- ----------
Expenses
Recoverable expenses
Realty taxes 367,978 414,465
304,821 4,267,815
CAM indoor 1,070,953 1,258,001
23,309 4,163,671
CAM outdoor 159,065 375,563
1,189,319 6,423,961
HVAC -- 698,541
159,980 1,949,239
Electric 389,762 --
496,525 1,693,912
Water 11,357 29,572
43,260 175,055
Sprinkler -- 11,788
-- 14,616
Food court 111,237 --
67,105 542,396
Insurance -- 9,151
-- 9,151
Trash removal 502 28,812
-- 57,677
Service center -- --
-- --
Non-recoverable expenses
Administration 166,675 184,550
210,789 1,317,994
Specialty leasing 10,047 --
11,898 24,509
Utilities 9,454 --
-- 62,236
Maintenance 7,197 7,201
14,277 121,227
Management fee 68,051 179,671
101,386 1,022,693
---------- ---------- ---------- ----------
2,372,278 3,197,315
2,622,669 21,846,152
---------- ---------- ---------- ----------
Net income before charges
for interest, depreciation,
amortization of non-
recoverable deferred
expenses and income taxes 1,142,945 6,614,270
2,917,748 32,545,658
========== ==========
========== ==========
</TABLE>
<PAGE>
Cadillac Falrvlew S.C. Finance
(see attached)
Combined Statement of Capital Expenditures, Leasing
Commissions
and Tenant Improvements for the eight months
ended
June 30, 1997
(In US$)
<TABLE>
<CAPTION>
Dover Dover
Galleria at Georgia Northpark Shannon
Commons Mall Esplanade
White Plains Golden East N.Dekalb Mall
Southpark Total
--- ----------- -------- --------- --------- ---------
<S> <C> <C> <C>
<C> <C> <C> <C> <C>
<C>
Capital Expenditure
Month
Renovation -- -- --
-- -- -- 7,147 --
7,147
Other -- 1,186 189
57,630 -- -- -- --
59,005
------- ------- ------- --------- ------- ------- ------- ------
---------
-- 1,186 189
57,630 -- -- 7,147 --
66,152
------- ------- ------- --------- ------- ------- ------- ------
---------
Cumulative
Renovative
83,939
83,939
Other 1,198 17,951 101,423
118,933 74,722 117,974 51,276
483,477
------- ------- ------- --------- ------- ------- ------- ------
---------
1,198 17,951 101,423
118,933 74,722 117,974 135,215 --
567,416
------- ------- ------- --------- ------- ------- ------- ------
---------
Leasing Commisslons
Month -- -- --
-- -- -- -- --
--
---------------------------------------------------------
--------------------------------------------------------------
Cumulative -- -- --
-- -- -- -- 8,900
8,900
--------------------------------------------------------------------
Tenant Improvements
Month -- 63,931 --
586,630 -- 28,113 -- --
678,674
--------- ------- ------- ------- ------
---------
Cumulative
-- 100,931 75,000
5,703,418 437,127 50,010 480,971
30,000 6,877,457
--------- ------- ------- ------- ------
---------
</TABLE>
<PAGE>
Cadillac Fairview S.C.Finance,
as general partner of the
Borrowers
(see attached)
Combined Statement of Income
for the month ended August 31,
1997
<TABLE>
<CAPTION>
Dover
Dover Galleria at
Commons Mall
Esplanade White Plains Golden East
------- ----
--------- ------------ -----------
<S> <C> <C>
<C> <C> <C>
Revenue
Rent 36,128
405,830 602,894 746,775 295,492
Percentage rent --
60,421 38,242 7,447 45,079
Recoveries
-Property operating 1,909
144,119 276,482 289,708 139,953
-Realty taxes 1,875
24,593 37,629 169,290 19,123
Miscellaneous --
46,590 810 6,398 2,109
------ ------- ------- --------- -------
39,912
681,553 956,057 1,219,618 501,756
---- ------- ------- --------- -------
Expenses
Recoverable expenses
Realty taxes 2,500
32,792 (12,882) 225,052 24,093
CAM indoor --
877 119,288 -- 86,298
CAM outdoor 1,989
160,014 51,625 255,709 58,783
HVAC --
12,951 -- 136,556 --
Electric -- --
96,499 -- --
Water -- --
2,426 29,436 --
Sprinkler -- --
-- -- --
Food court --
4,551 4,716 5,926 2,218
Insurance -- --
-- -- --
Trash removal -- --
2,289 -- --
Service center -- --
-- -- --
Non-recoverable expenses
Administration 55
26,851 5,982 14,125 6,011
Specialty leasing --
14 -- -- 6
Utilities 106
951 27 976 384
Maintenance 41
4,714 55 280 7,564
Management fee 1,228
12,091 22,380 25,392 11,104
------- ------- ------- -------
5,919
255,806 292,405 693,452 196,461
------ ------- ------- ------- -------
Net income before charges
for interest, depreciation,
amortization of nonrecoverable
deferred expenses and income taxes 33,993
425,747 663,662 526,166 305,295
======
======= ======= ======= =======
<CAPTION>
Georgia
Northpark Shannon
N.Dekalb
Mall Southpark Total
-------- ---- --------- -----
<S> <C> <C>
<C> <C>
Revenue
Rent 218,644
618,219 331,122 3,255,104
Percentage rent 2,461
30,623 13,567 197,840
Recoveries
-Property operating 105,929
302,414 167,502 1,428,016
-Realty taxes 27,598
44,085 24,386 348,579
Miscellaneous 2,900
5,179 1,366 65,352
------- --------- ------- ---------
357,532
1,000,520 537,943 5,294,891
------- --------- ------- ---------
Expenses
Recoverable expenses
Realty taxes 36,798
(3,178) 30,482 335,657
CAM indoor 111,157
125,577 3,213 446,410
CAM outdoor 25,342
31,108 99,216 683,786
HVAC --
80,993 17,372 247,872
Electric 41,445 --
54,021 191,965
Water 1,181
1,783 5,532 40,358
Sprinkler --
842 -- 842
Food court 8,505 --
-- 25,916
Insurance --
593 -- 593
Trash removal 502
2,907 -- 5,698
Service center
Non-recoverable expenses
Administration 11,722
7,415 10,329 82,490
Specialty leasing 2,601 --
564 3,185
Utilities 886 --
-- 3,330
Maintenance (768)
4,278 -- 16,164
Management fee 8,304
17,985 9,221 107,705
------- --------- ------- ---------
247,675
270,303 229,950 2,191,971
------- --------- ------- ---------
Net income before charges
for interest, depreciation,
amortization of nonrecoverable
deferred expenses and income taxes 109,857
730,217 307,993 3,102,920
=======
========= ======= =========
</TABLE>
<PAGE>
OFFICER'S CERTIFICATE
Pursuant to Section 5.1 (j) (iii) of the Loan Agreement
dated as of
November 26, 1996 between GMAC Commercial Mortgage
Corporation and the Borrowers
(as defined below) I, Ian MacKellar, in my capacity as
Senior Vice-President of
Cadillac Fairview S.C. Finance Inc. (the "General Partner"),
a Delaware
corporation and the general partner of each of CF Dover Mall
L.P., CF Esplanade
L.P., CF Golden East L.P., CF Georgia North DeKalb L.P., CF
Northpark L.P., CF
Southpark L.P., CF Galleria at White Plains L.P.
(collectively, the
"Borrowers"), and in my capacity as Senior Vice-President of
Cadillac Fairview
U.S., Inc., a Delaware Corporation, hereby certify that as
of the date hereof:
1. There have been no notices received from Tenants
under a Lease
affecting 7,500 or more rentable square feet in an
Individual Property
threatening nonpayment of rent or other default,
alleging or
acknowledging a default by landlord, requesting a
termination or
modification of a Lease or notifying a Borrower of
the exercise or
non-exercise of any option provided for in such
Tenant's Lease, or any
other similar material correspondence received by
a Borrower from
Tenants during the month.
2. The attached Statement of Income, on an aggregate
and
Property-by-Property basis, presents fairly the
results of operations
of the Individual Property in accordance with
generally accepted
accounting principles based on amounts recorded in
the accounts of the
Individual Property.
3. The attached Statement of Actual Capital
Expenditures, Leasing
Commissions and Tenant Improvements, on an
aggregate and
Property-by-Property basis, presents fairly the
costs incurred in
accordance with generally accepted accounting
principles based on
amounts recorded in the accounts of the Individual
Property.
4. There have been no anchor tenants who went dark
during the month.
IN WITNESS WHEREOF, the undersigned has duly signed
this certificate as of
this 16th day of September, 1997.
By:/s/ Ian MacKellar
----------------------------
Ian MacKellar
<PAGE>
September 30, 1997
COMMONWEALTH ATLANTIC OPERATING PROPERTIES
INC.
OFFICER'S CERTIFICATE
I, Brent W. Sinnett, certify that:
I am the Chief Financial Officer of Commonwealth
Atlantic Operating
Properties Inc. (the "Company"), and as such am
authorized to execute this
certificate on behalf of the Company. I do hereby further
certify as follows:
Pursuant to Section 5.1(j)(iii) of the Loan
Agreement (the "Loan
Agreement") dated as of June 30, 1997 between Goldman Sachs
Mortgage Company and
the Company, the following items are true, correct,
accurate and complete and
fairly present the results of the operations of
Borrower's Properties in a
combined and individual basis in accordance with GAAP,
without footnotes (as
applicable and subject to normal year-end adjustments):
(A) the Company has received no written
notices as identified in
Section 5.1(j)(iii)(A) of the Loan Agreement;
(B) monthly and year to date operating
statements prepared for each
calendar month (on an aggregate and Property-by-Property basis),
noting Net
Operating Income and other information necessary and
sufficient to fairly
represent the results of operations of the Properties
during such calendar
month are attached hereto; and
(C) a statement of the Capital Expenditures,
Leasing Commissions and
Tenant Improvements made in respect of each Individual
Property, including
separate line items (stated separately with respect to
any project costing
in excess of $10,000) for (x) maintenance (i.e.,
roofs, parking lots,
equipment and HVAC), (y) Tenant Improvements and
Leasing Commissions, and
(z) renovations, expansions and enhancements and
the status of each
project, is attached hereto.
(D) a report setting forth, on a Individual
Property basis, the
material terms of (i) any new Lease or Lease
renewal, and (ii) any
termination or modification of a Lease, in each case
affecting less than
150,000 square feet of rentable space of any individual
Property.
All capitalized terms used herein and not otherwise
defined shall have the
meaning ascribed to them in the Loan Agreement.
IN WITNESS WHEREOF, I have hereunto set my hand on
this the 6th day of
October, 1997.
/s/ Brent W. Sinnett
----------------------------------
Chief Financial Officer
<PAGE>
Commonwealth Atlantic Properties
CAOP - Leases Executed August 1997
October 2, 1997
<TABLE>
<CAPTION>
- --------------------------------------------------------------
SQUARE LEASE COMMENCEMENT
PROPERTY TENANT
FOOTAGE TERM DATE
- -------------------------------------------------------
<S> <C>
<C> <C> <C>
Dabney Central Pharmacy Services, Inc. (N)
2,089 5 years* 10/01/97
Dabney L. Fishman & Son, Inc. (R)
7,210 5 years 03/01/98
Dabney United Power Corporation (R)
29,700 5 years 05/01/97
Dabney United Power Corporation (E)
9,900 8 months 09/01/01
Interstate Center LKPW Architects (R)
5,328 3 years 12/01/97
Interstate Center Tokyo Electron America, Inc. (N)
5,456 l0 years** 10/01/97
- -----------------------------------------------------------
</TABLE>
NOTES
* Tenant has option of early termination at the end of
third year.
** Tenant has option of early termination at the end of the
5th and 8th years.
(E) denotes the Extension of an existing lease
(N) denotes a New lease
(R) denotes the Renewal of an expiring lease
<PAGE>
Commonwealth Atlantic Operating
Properties
Detail of Capital Expenditures
For the Period January 1, 1997 - August 31,
1997
<TABLE>
<CAPTION>
Current Year to
Project # Project Name
Month Date
--------- ------------
----- ----
<S>
<C> <C>
140-00 Construction Work in Process
-----------------------------------
ARB01046 Arboretum VI
0.00 (1,507.68)
ARB010-07 Arboretum VII
0.00 (476.12)
DAB200-A1 Dabney A-1
8,938.55 8,938.55
OGW530-01 Oakwood
17,151.56 17,810.76
OGW530-02 Greenwood
13,315.00 20,017.21
-------------------------------------
39,405.11 44,782.72
-------------------------------------
140-05 Tenant Finish Adds - Current Year
----------------------------------------
ARB010-06 Arboretum VI
656.92 25,414.08
ARB010-07 Arboretum VII
179.55 726.19
DAB200-01 Dabney I
395.00 11,735.00
DAB200-03 Dabney III
0.00 12,200.88
DAB200-09 Dabney IX
0.00 23,500.00
DAB200-11 Dabney XI
0.00 14,771.98
DAB200-A1 Dabney A-1
0.00 44,518.56
OGW530-01 Oakwood
50,824.96 47,851.38
OGW530-02 Greenwood
378,771.14 489,935.03
WML202-02 Westmoreland
0.00 3,258.50
-------------------------------------
430,827.57 673,911.60
-------------------------------------
160-00 Prepaid Leasing Costs - Current Year
-------------------------------------------
ARB010-06 Arboretum VI
0.00 4,200.72
ARB010-07 Arboretum VII
161.00 3,155.94
DAB200-02 Dabney II
3,983.44 3,983.44
DAB200-10 DabNey X
2,681.38 2,681.38
OGW530-01 Oakwood
59,579.50 222,905.96
OGW530-02 Greenwood
139,559.24 732,261.89
-------------------------------------
205,964.56 969,189.33
-------------------------------------
Total Capital Expenditures
676,197.24 1,687,883.65
=====================================
</TABLE>
Page - 1
<PAGE>
<TABLE>
<CAPTION>
10/01/97 RFP2 -
COMMONWEALTH ATLANTIC PROP - FR0270-D
PAGE 1
12:27:59 TWODOGSS1
V950623
AWHITE
GRANDE B PROPERTIES
Report CASHFL10
PROJECT SELECTION
CONSOL 100%
Number 002
August 31, 1997 C12
97 (01..08)
------------
Current Month ----------- ------------- Year to Date
------------
ACTUAL
BUDGET Variance ACTUAL BUDGET
Variance
------------ ----------- ------------- -------------
------------
<S> <C>
<C> <C> <C> <C>
<C>
Revenue
120-00 Accounts Receivable Control 33,582.79
0.00 33,582.79 79,855.20 0.00
79,855.20
120-20 Tenant A/R - Property Level 29,186.17-
0.00 29,186.17- 105,561.67 0.00
105,561.67-
400-00 Land Rent 0.00
40,500.00 40,500.00- 202,500.00 324,000.00
121,500.00-
400-10 Base Rent 1,484,179.56
1,527,695.00 43,515.44- 11,737,548.46 1,597,197.00
140,351.46
400-30 Parking Income 1,477.36
1,477.00 0.36 11,732.82 11,730.00
2.82
400-35 Escalations 1,515.81
0.00 1,515.81 1,515.81 0.00
1,515.81
400-50 Other Rents 1,763.57
0.00 1,763.57 11,690.48 0.00
11,690.48
403-00 Operating Expense Reimburesments 69,205.65
77,752.00 8,546.35- 568,505.33 647,693.00
79,187.67-
403-01 Exp Reimb - CAN 84.87
85.00 0.13- 5,958.96 680.00
5,278.96
403-02 Exp Reimb - Property Tax 0.00
0.00 0.00 124,427.45 65,926.00
58,501.45
403-04 Exp Reimb - Electricity/Gas 5,906.11
33,553.00 27,646.89- 120,991.36 259,339.00
138,347.64-
403-06 Exp Reimb - Miscellaneous 0.00
150.00 150.00- 0.00 1,200.00
1,200.00-
403-20 Prior Year Exp Reimbursements 0.00
0.00 0.00 19,797.73 0.00
19,797.73
405-00 Late Fees 905.67
0.00 905.67 11,013.19 0.00
11,013.19
405-05 Tenant Direct Billback Income 0.00
583.00 583.00- 2,705.09 4,664.00
1,958.91-
411-05 Interest Income - Notes 630.44
660.83 30.39- 5,883.20 6,120.74
237.54-
434-00 Miscellaneous Income 74.91
0.00 74.91 2,510.62 8,750.00
11,260.62-
- ------------ ----------- ------------- -------------
------------
TOTAL Revenue 1,570,140.57
1,682,455.83 112,315.26- 12,796,052.79 2,927,299.74
131,246.95-
Operating Expenses
500-05 Property Tax-Developed Prop. 0.00
0.00 0.00 703,935.74- 652,798.00-
51,137.74-
500-50 Property Tax-Other 0.00
0.00 0.00 360.54- 0.00
360.54-
510-10 Insurance - Property Package 0.00
0.00 0.00 4,251.65- 12,100.00-
7,848.35
520-00 Utilities - Water & Sewer 6,721.98
6,700.00- 21.98- 74,229.08- 88,223.00-
13,993.92
520-05 Utilities - Electricity 134,162.06
90,256.00- 43,906.06- 744,688.57- 715,663.00-
29,025.57-
520-10 Utilities - Gas 404.59
105.00- 299.59- 4,518.99- 7,290.00-
2,771.01
520-15 Utilities - Fuel Oil 0.00
0.00 0.00 108.82- 0.00
108.82-
520-50 Utilities - Other 0.00
150.00- 150.00 750.00 1,200.00-
450.00
530-00 Janitorial - Building Contract 56,921.53-
56,030.00- 891.53- 435,962.42- 446,434.00-
10,471.58
530-10 Janitorial - Window Washing 0.00
0.00 0.00 8,311.00- 12,284.00-
3,973.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
10/01/97 RFP2 -
COMMONWEALTH ATLANTIC PROP - FR0270-D
PAGE 2
12:27:59 TWODOGSS1
V950623
AWHITE
GRANDE B PROPERTIES
Report CASHFL10
PROJECT SELECTION
CONSOL 100%
Number 002
August 31, 1997 C12
97 (01..08)
------------
Current Month ----------- ------------- Year to Date
------------
ACTUAL
BUDGET Variance ACTUAL BUDGET
Variance
- ------------ ----------- ------------- -------------
------------
<S> <C>
<C> <C> <C> <C>
<C>
530-20 Janitorial - Carpet Cleaning 0.00
600.00- 600.00 189.91 7,070.00-
6,880.09
530-30 Janitorial - Supplies 0.00
50.00- 50.00 0.00 400.00-
400.00
530-50 Janitorial & Cleaning - Other 565.00-
425.00- 140.00- 17,487.50 13,920.00-
3,567.50-
531-00 Trash Removal - Contract 3,345.68-
3,501.00- 155.32 24,093.38 26,862.00-
2,768.62
532-00 Landscape - Park Maintenance 2,578.48-
2,325.00- 253.48- 15,844.63 17,836.00-
1,991.37
532-05 Landscape - Exterior 16,063.79-
15,840.00- 223.79- 124,488.07 129,620.00-
5,131.93
532-10 Landscape - Interior 1,358.73-
792.00- 566.73- 12,601.68 6,336.00-
6,265.68
532-15 Landscape - Irrigation 1,292.12-
1,198.00- 94.12- 7,463.48 9,473.00-
2,009.52
532-20 Landscape - Seasonal Color-Ext 66.64-
89.00- 22.36 7,299.96 14,082.00-
6,782.04
532-25 Landscape - Seasonal Color-lnt 0.00
0.00 0.00 125.00 0.00
125.00-
532-50 Landscape - Other 2,131.97-
565.00- 1,566.97- 9,857.00 18,520.00-
8,663.00
533-00 Electrical - Supplies 0.00
130.00 130.00 632.72 1,240.00-
607.28
533-20 Electrical - Repairs 0.00
1,180.00- 1,180.00 1,780.27 9,990.00-
8,209.73
533-50 Electrical - Other 0.00
1,500.00- 1,500.00 5,280.01 6,100.00-
819.99
534-00 Lighting - Supplies 2,038.76-
1,850.00- 188.76- 10,022.32 14,900.00-
4,877.68
534-10 Lighting - Repairs 0.00
0.00 0.00 13,292.43 10,390.00-
2,902.43-
534-50 Lighting - Other 0.00
0.00 0.00 400.00 0.00
400.00
535-00 HVAC - Supplies 1,951.85-
1,825.00- 126.85- 13,996.19 19,645.00-
5,648.81
535-05 HVAC - Contract 3,342.30-
4,269.00- 926.70 15,520.79 18,093.00-
2,572.21
535-10 HVAC - Repairs 5,446.41-
1,750.00- 3,696.41- 26,586.59 34,750.00-
8,163.41
535-20 HVAC - Chillers 0.00
0.00 0.00 29.18 0.00
29.18-
535-50 HVAC - Other 3,786.00-
7,000.00- 3,214.00 33,572.35 32,000.00-
1,572.35
536-00 Parking - Sweeping 258.00-
606.00- 348.00 3,619.00 6,303.00-
2,684.00
536-10 Parking - Striping & Repairs 170.00-
2,700.00- 2,530.00 2,578.28 20,053.00-
7,474.72
536-20 Parking - Lighting 0.00
0.00 0.00 5,444.50 11,700.00-
6,255.50
536-30 Parking - Sealcoating 0.00
0.00 0.00 0.00 5,421.00-
5,421.00
536-50 Parking - Other 0.00
0.00 0.00 3,223.89 7,000.00-
3,776.11
537-01 Elevator - Supplies 0.00
50.00- 50.00 0.00 400.00-
400.00
537-02 Elevator - Repairs/Maintenance 1,090.36-
575.00- 515.36- 2,487.36 3,000.00-
512.64
537-03 Elevator - Contract 8,117.92-
3,494.00- 4,623.92- 34,575.51 36,025.00-
1,449.49
537-05 Elevator - Other 103.51-
178.00- 74.49 7,776.33 10,086.00-
2,309.67
537-10 Plumbing - Supplies & Repairs 1,873.59-
475.00- 1,398.59- 11,170.49 5,08O.00-
6,090.49-
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
10/01/97 RFP2 -
COMMONWEALTH ATLANTIC PROP - FR0270-D
PAGE 3
12:27:59 TWODOGSS1
V950623
AWHITE
GRANDE B PROPERTIES
Report CASHFL10
PROJECT SELECTION
CONSOL 100%
Number 002
August 31, 1997 C12
97 (01..08)
------------
Current Month ----------- ------------- Year to Date
------------
ACTUAL
BUDGET Variance ACTUAL BUDGET
Variance
------------ ----------- ------------- -------------
------------
<S> <C>
<C> <C> <C> <C>
<C>
537-11 Restroom Supplies 55.41-
240.00- 184.59 3,470.56- 4,355.00-
884.44
537-15 Painting & Decorating 400.00
250.00- 650.00 9,464.29- 20,300.00-
10,835.71
537-16 Walk-off Mats 151.00-
265.00- 114.00 1,204.66- 2,120.00-
915.34
537-17 Carpets/Floors-Repairs & Maint 0.00
50.00- 50.00 4,287.00- 640.00-
3,647.00-
537-20 Communication Systems 79.60-
65.00- 14.60- 527.57- 520.00-
7.57-
537-21 Fire Alarm/Control Systems 2,277.50-
1,090.00- 1,187.50- 14,241.98- 18,379.00-
4,137.02
537-22 Energy Management Systems 2,048.86-
28.00- 2,020.86- 4,554.39- 6,299.00-
1,744.61
537-25 Snow Removal 0.00
500.00- 500.00 21,022.82- 68,450.00-
47,427.18
537-26 Pest Control 583.00-
418.00- 165.00- 3,228.20- 3,694.00-
465.80
537-30 Supplies and Tools 460.28-
540.00- 79.72 5,600.28- 8,520.00-
2,919.72
537-31 Locks and Keys 51.35
935.00- 986.35 4,869.17- 4,230.00-
639.17-
537-32 Uniforms 414.74-
310.00- 104.74- 2,443.27- 2,700.00-
256.73
537-33 Signage 348.81-
50.00- 298.81- 1,601.25- 700.00-
901.25-
537-35 Roof Repairs & Maintenance 1,987.00-
15,200.00- 13,213.00 7,996.03- 36,600.00-
28,603.97
537-36 Structural Repairs 18.17-
100.00- 81.83 2,714.45- 16,300.00-
13,585.55
537-37 Environmental Repairs 0.00
0.00 0.00 450.00- 960.00-
510.00
537-40 Tenant Direct Billback Expense 0.00
1,000.00- 1,000.00 953.41- 5,000.00-
4,046.59
537-50 Other Repairs & Maintenance 835.69-
4,483.00- 3,647.31 27,496.38- 57,164.00-
29,667.62
539-00 Concierge Services 8,512.89-
3,410.00- 5,102.89- 35,914.97- 39,465.00-
3,550.03
540-00 Security Patrol/Contract 2,230.03-
1,741.00- 489.03- 15,169.56- 14,321.00-
848.56-
540-05 Security Supplies 1,494.48-
640.00- 854.48- 6,247.08- 5,720.00-
527.08
541-05 Business Tax/License 0.00
0.00 0.00 31,981.85- 31,278.00-
703.85-
541-10 Permits/Fees 0.00
100.00- 100.00 40.00 100.00-
140.00
541-50 Other Taxes/Licenses/Fees 0.00
0.00 0.00 0.00 4,035.00-
4,035.00
648-00 Management Fees Exp - Outside 31,953.19
39,153.00- 7,199.81 254,961.66- 299,148.00-
44,186.34
- --- ------------ ----------- ------------- -------------
------------
TOTAL Operating Expenses 306,790.57-
276,776.00- 30,014.57- 2,848,916.46- 3,083,285.00-
234,368.54
General & Administrative Expenses
600-20 Prop. Mgmt & Maint. Salaries 32,117.23-
27,534.00- 4,583.23- 207,012.58- 209,328.00-
2,315.42
600-21 PM & Maint. Payroll Taxes 747.97-
899.00- 151.03 5,607.43- 6,304.00-
696.57
600-22 PM & Maint. Group Insurance 441.00-
899.00- 458.00 4,885.08- 7,192.00-
2,306.92
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
10/01/97 RFP2 -
COMMONWEALTH ATLANTIC PROP - FR0270-D
PAGE 4
12:27:59 TWODOGSS1
V950623
AWHITE
GRANDE B PROPERTIES
Report CASHFL10
PROJECT SELECTION
CONSOL 100%
Number 002
August 31, 1997 C12
97 (01..08)
------------
Current Month ----------- ------------- Year to Date
------------
ACTUAL
BUDGET Variance ACTUAL BUDGET
Variance
- -- ------------ ----------- ------------- -------------
------------
<S> <C>
<C> <C> <C> <C>
<C>
600-23 PM & Maint. Workers' Comp. 0.00
62.00- 62.00 1,930.20- 3,192.00-
1,261.80
600-25 PM & Maint. Other Benefits 45.22-
121.00- 75.78 1,3229.94 2,448.00-
1,118.06
609-00 Temporaries/Contract Labor 0.00
755.00- 755.00 3,958.99- 6,040.00-
2,081.01
609-15 Employee Education Expenses 18.09-
425.00- 406.91 195.86- 500.00-
304.14
620-00 Legal Fees 0.00
150.00- 150.00 181.00- 2,700.00-
2,519.00
620-20 Accounting Services - Tax 0.00
0.00 0.00 44.64- 0.00
44.64-
620-21 Accounting Services - Other 16.36-
0.00 16.36- 172.66- 0.00
172.66-
620-50 Other Professional Fees 0.00
150.00- 150.00 2,653.80- 1,200.00-
1,453.80
630-00 Advertising/Marketing Costs 723.98-
0.00 723.98- 723.98- 0.00
723.98
630-05 Marketing Brochures 0.00
50.00- 50.00 0.00 400.00-
400.00
630-10 Commissions - Outside 10,964.28-
10,977.55- 13.27 104,363.11- 100,551.49-
3,811.62-
630-16 Leasing-Meals & Entertainment 0.00
30.00 30.00 0.00 24.00-
240.00
630-18 Project Promotional Expense 0.00
0.00 0.00 13,450.71- 33,270.00-
19,819.29
630-50 Other Leasing Expense 62.12-
175.00- 112.88 245.46 1,700.00-
1,945.46
640-01 G&A - Vehicle Expenses 109.12-
40.00- 69.12- 454.55- 320.00-
134.55
640-02 G&A - Mileage Reimbursement 206.38-
86.00- 120.38- 1,850.86- 688.00-
1,162.86-
640-03 G&A - Meals & Entertainment 0.00
125.00- 125.00 63.71- 1,750.00-
1,686.29
640-18 Furniture & Equipment Rental 673.03-
510.00- 163.03- 3,650.05- 4,080.00-
429.95
640-20 Stationery and Office Supplies 297.06-
395.00- 97.94 2,288.02- 3,160.00-
871.98
640-21 Office Equip. Purchase/Repair 0.00
0.00 0.00 444.26- 0.00
444.26-
640-23 Computer Supplies/Repairs 0.00
0.00 0.00 11.56- 0.00
11.56-
640-24 Telephone Expenses 2,274.92-
1,345.00- 929.92- 10,693.96- 10,760.00-
66.04
640-30 Freight, Postage and Delivery 242.49-
229.00- 13.49- 2,139.06- 1,832.00-
307.06-
640-31 Dues and Subscriptions 0.00
0.00 0.00 3.15- 0.00
3.15-
640-45 Bank Service/Trustee Fees 67.35-
0.00 67.35- 40,099.05- 0.00
40,099.05-
640-50 Other G&A Expenses 58.95-
95.00- 36.05 780.23 760.00-
20.23-
640-60 Cost of Abandoned Projects 0.00
0.00 0.00 238.45 0.00
238.45-
640-65 Bad Debt Expense 0.00
4,326.17- 4,326.17 0.00 34,999.36-
34,999.36
648-99 Management Fees Exp - Inside 11,913.39
11,877.00- 36.39- 88,402.59 94,263.00-
5,860.41
660-20 Interest Exp - Permanent Loan 566,817.78
128,333.00- 438,484.78- 1,903,660.32 1,026,664.00-
876,996.32-
661-05 Land Lease Expense 0.00
40,500.00- 40,500.00 202,500.00- 324,000.00-
121,500.00
TOTAL General & Administrative Expenses 627,796.72-
230,088.72- 397,708.00- 2,603,544.34 1,878,341.85-
725,202.49-
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
10/01/97 RFP2 -
COMMONWEALTH ATLANTIC PROP - FR0270-D
PAGE 5
12:27:59 TWODOGSS1
V950623
AWHITE
GRANDE B PROPERTIES
Report CASHFL10
PROJECT SELECTION
CONSOL 100%
Number 002
August 31, 1997 C12
97 (01..08)
----------
Current Month ------------ ------------- Year to Date
------------
ACTUAL
BUDGET Variance ACTUAL BUDGET
Variance
- --- ------------ ------------- ------------ -------------
<S> <C>
<C> <C> <C> <C>
<C>
Net Operating Income 635,553.28
1,175,591.11 540,037.83- 7,343,591.99 7,965,672.89
622,080.90
Other Operating Sources (Uses)
125-05 Interest Receivable - Loans 630.44-
0.00 630.44- 423.29- 0.00
423.29
200-20 A/P Property - Property Level 5,812.77
0.00 5,812.77 14,332.38- 0.00
14,332.38-
220-00 Interest Payable 0.00
0.00 0.00 237,355.67 0.00
237,355.67
230-00 Security Deposits Control 4,961.83-
0.00 4,961.83- 464.56 0.00
464.56
230-20 Prepaid Rent 332,023.27-
0.00 332,023.27- 25,466.33 0.00
25,466.33
210-20 Permanent Financing 53,553.86-
0.00 53,553.86- 53,553.86- 0.00
53,553.86-
------------ ------------- ------------ -------------
TOTAL Other Operating Sources (Uses] 385,356.63-
0.00 385,356.63- 194,977.03 0.00
194,977.03
- ----------- ------------- ------------ -------------
Cash Flow From Operations 250,196.65
1,175,591.11 925,394.46- 7,538,569.02 7,965,672.89
427,103.87-
Income From Investments
125-00 Interest Receivable-Investments 3,756.10
0.00 3,756.10 3,639.22 0.00
3,639.22
411-00 Interest Income - Investments 0.00
0.00 0.00 3,791.06 0.00
3,791.06
- ------ ------------- ------------ -------------
TOTAL Income From Investments 3,756.10
0.00 3,756.10 7,430.28 0.00
7,430.28
Investment in Property and Partnerships
133-00 Land Improvements-Current Year 0.00
0.00 0.00 0.00 5,000.00-
5,000.00
140-00 Construction Work In Process 39,405.11-
0.00 39,405.11- 44,782.72- 201,830.00-
157,047.28
140-05 Tenant Finish Adds-Current Yr 430,827.57-
181,705.00- 249,122.57- 673,911.60- 1,181,838.00-
507,926.40
160-00 Prepaid Leasing Costs-Curr Yr 205,964.56-
0.00 205,964.56- 969,189.33- 876,921.16-
92,268.17
161-00 Prepaid Loan Costs-Current Yr 183,059.25-
0.00 183,059.25- 1,664,201.75- 0.00
1,664,201.75
210-20 Permanent Financing 0.00
0.00 0.00 66,000,000.00 0.00
66,000,000.00
- ----------- ------------- ------------ -------------
TOTAL Investment in Property
and Partnerships 859,256.49-
181,705.00- 677,551.49- 62,647,914.60 2,265,589.16-
64,913,503.76
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
10/01/97 RFP2 -
COMMONWEALTH ATLANTIC PROP - FR0270-D
PAGE 6
12:27:59 TWODOGSS1
V950623
AWHITE
GRANDE B PROPERTIES
Report CASHFL10
PROJECT SELECTION
CONSOL 100%
Number 002
August 31, 1997 C12
97 (01..08)
---------- Current
Month ------------ ------------- Year to Date ------------
ACTUAL
BUDGET Variance ACTUAL BUDGET
Variance
------------ ------------- ------------ -------------
<S> <C>
<C> <C> <C> <C>
<C>
Other Sources (Uses)
- ----------- ------------- ------------ -------------
120-10 Tenant Notes Receivable 0.00
4,558.10 4,558.10- 31,072.60 35,630.69
4,558.09-
170-15 Escrow Deposits 94,882.25-
0.00 94,882.25- 1,412,654.64- 0.00
1,412,654.64-
170-25 Manager Cash/Property Funding 0.00
0.00 0.00 5,565,467.75- 0.00
5,565,467.75-
170-26 Manager Cash-Contra 0.00
0.00 0.00 5,589,665.67 0.00
5,589,665.67
200-50 Other Miscellaneous Payables 0.00
0.00 0.00 1,493.41 0.00
1,493.41
232-90 Suspense 3,647.80
0.00 3,647.80 3,647.80 0.00
3,647.80
- ------------ ------------ -------------
TOTAL Other Sources (Uses) 91,234.45-
4,558.10 95,792.55- 1,352,242.91- 35,630.69
1,387,873.60-
Cash Flow from Land Sales
700-20 Other Sales Revenue 0.00
0.00 0.00 2,100.00 0.00
2,100.00
------------ ------------- ------------ -------------
TOTAL Cash Flow from Land Sales 0.00
0.00 0.00 2,100.00 0.00
2,100.00
======================================= ==========
========== ============ ============= ============
=============
Cash Flow (Deficit) 696,538.19-
998,444.21 1,694,982.40- 68,843,770.99 5,735,714.42
63,108,056.57
======================================= ==========
========== ============ ============= ============
=============
PROJECT SELECTION 696,538.19
998,444.21- 1,694,982.40- 68,843,770.99- 5,735,714.42-
63,108,056.57
</TABLE>
<PAGE>
A R C H O N
-----------
G R O U P
September
19, 1997
Mr. Joseph Funk
GMAC Commercial Mortgage
650 Dresher Road
P.O. Box 1015
Horsham, PA 19044-8015
Officer's Certificate
I hereby certify that, to the best of my knowledge with
respect to the Loan
Agreement between WMP II Real Estate Limited Partnership,
as Borrower, and GMAC
Commercial Mortgage, as Lender, dated August 26, 1996,
that the enclosed
operating statements are true, correct, accurate, and
complete and present
fairly in accordance with GAAP, the results of operations
of the Individual
Properties for the month ended August 31st, 1997, all
Operating Cash Flow and
Net Capital Proceeds have been applied in accordance with
the provisions of this
Agreement and there are no Events of Default in existence
at this time. There
have been no notices received from a Tenant under a Lease
affecting 10,000 or
more rentable square feet in an Individual Property
threatening non-payment of
rent or other default, alleging or acknowledging a
default by landlord,
requesting a termination or modification of a Lease or
notifying Borrower of the
exercise or non-exercise of any option provided for in
such Tenant's Lease, or
any other similar material correspondence received by
Borrower from Tenants
during the subject month.
WMP II Real Estate Limited
Partnership
By: WMP II Gen-Par, Inc.,
General Partner
By: /s/ Chris Abernathy
--------------------------
Chris Abernathy
Assistant Vice President
600 E. Las Colinas B1vd. Suite 1900 Irving, TX 75039
972.831.2200 F.972.830.7600
<PAGE>
I Real Estate, L.P.
<TABLE>
<CAPTION>
MTD
MTD MTD YTD YTD
YTD
Actua1
Budget Varience Actual Budget
Variance
----------------------------------- ----------
---------- ---------- ---------- ---------- ----------
<S> <C>
<C> <C> <C> <C>
<C>
NET OPERATING INCOME
REAL ESTATE INCOME:
Gross Income 2,297,932
2,440,945 <143,013> 19,031,305 19,071,575
<40,270>
Less:
Variable Expenses 682,407
727,288 <44,881> 5,023,460 5,282,385
<258,925>
Taxes 230,937
225,882 5,055 1,835,729 1,804,486
31,243
Insurance 40,550
29,986 10,564 226,694 231,137
<4,443>
Other 0
0 0 0 0
0
----------
---------- ---------- ---------- ---------- ----------
Total R.E. Expenses 953,894
983,156 <29,262> 7,085,883 7,318,008
<232,125>
Less:
Adjustment for Participations 0
O 0 0 0
0
----------
---------- ---------- ---------- ---------- ----------
Real Estate Net Operating Income 1,344,038
1,457,789 <113,751> 11,945,422 11,753,567
191,855
LOAN INCOME:
Interest Income O
O O O O
0
Other Income O
0 0 0 0
0
----------
---------- ---------- ---------- ---------- ----------
0
0 0 0 0
0
Less:
Variable Expenses 0
0 0 0 0
0
Taxes 0
0 0 0 0
0
Insurance 0
0 0 0 0
0
Other 0
0 0 0 0
0
----------
---------- ---------- ---------- ---------- ----------
Total Loan Expenees 0
0 0 0 0
0
----------
---------- ---------- ---------- ---------- ----------
TOTAL LOAN INCOME 0
0 0 0 0
0
MISCELLANEOUS INCOME 22,900
0 22,900 177,776 0
177,776
----------
---------- ---------- ---------- ---------- ----------
NET OPERATING INCOME 1,366,938
1,457,789 <90,851> 12,123,198 11,753,567
369,631
EXPENSES:
Ownership Expenses 4,388
614 3,774 51,545 4,855
46,690
Asset Management Fees 90,186
140,180 <49,994> 757,706 1,121,442
<363,736>
Depreciation 251,388
0 251,388 2,013,248 0
2,013,248
Other Expenses 58
0 58 3,536 0
3,536
Amortization 42,126
0 42,126 337,008 0
337,008
Interest Expense:
Senior Notes 555,210
0 555,210 4,369,014 0
4,369,014
Subordinated Notes 0
0 0 0 0
0
----------
---------- ---------- ---------- ---------- ----------
TOTAL EXPENSES 943,356
140,794 802,562 7,532,057 1,126,297
6,405,760
CURRENCY GAIN/(LOSS)
Currency Transaction Gain/(Loss) 0
0 0 0 0
0
Unrealized Translation Gain/(Loss) 0
0 0 0 0
0
----------
---------- ---------- ---------- ---------- ----------
TOTAL CURRENCY GAIN/ (LOSS) 0
0 0 0 0
0
NET INCOME BEFORE DISPOSITIONS 423,582
1,316,995 <893,4l3> 4,591,l4l 10,627,270
<6,036,129>
----------
---------- ---------- ---------- ---------- ----------
</TABLE>
A R C H O N
-----------
G R O U P
October 24, 1997
VIA FACSIMILE
-------------
Ted Borter and Steve Mnuchin
Goldman Sachs Mortgage Company
85 Broad Street
New York, New York 10004
Dear Sirs,
Pursuant to Section 5.1(c) of the Loan Agreement
Between WMP II Real Estate
Limited Partnership and GMAC Commerical Mortgage
Corporation dated August 26,
1996, we hereby notify you of the litigation concerning
WMP II Real Estate
Limited Partnership.
Bar-Mar Associates and S&M Enterprises are alleging
construction at the
1511-1515 Third Street asset occurring in August of 1996 was
in violation of New
York City Zoning Resolutions and the construction
impairs views, therefore,
causing a nuisance. They claim damages of approximately
$5,200,000 against WMP
II R.E.L.P and Equinox, the tenant involved with the
construction in question.
The law firm of Wachtel & Masyr has been retained to handle
this litigation. We
will send you additional information upon receipt from
counsel.
Please call me should you have any questions at (972)
831-2291.
Sincerely,
/s/ Todd E.
Nice
Todd E. Nice
Associate
Portfolio Manager
cc: Sherry M. Du Pont, Easq.
- -------------------------------------------
ONE HUNDRED TOWERS L.L.C.
Tenant Change Report
August, 1997
- -----------------------------------------------------------
<TABLE>
<CAPTION>
A. Building Summary
R.S.F. Leased R.S.F.
Occupied
-------------------
Leased % Occupied
%
------ - --------
-
<S>
<C> <C> <C>
<C>
Total Floor Area
2,280,199 100.00% 2,280,199
100.0%
Beginning R.S.F.
2,113,724 92.7% 2,055,132
90.1%
Renewals Executed
9,588 0.4% N/A
N/A
Expansions Executed
7,577 0.3% N/A
N/A
New Leases Executed
847 0.0% N/A
N/A
Expirations
(5) 0.0% (5)
0.0%
Commencements
N/A N/A 55,889
2.5%
Terminations
0 0.0% 0
0.0%
- ---------------------------------------------------------------------
ENDING RENTABLE SQUARE FEET
2,122,143 93.07% 2,111,016*
92.58%
- --------------------------------------------------------------------
B. Current Month Activity
Commence Expire
-------------------------
R.S.F. Date Date
------ ---- ----
Renewals: ALEXANDER, NAU, ET AL
5,392 01-Jun-98 30-Sep-2002
LEGAL RESEARCH NETWORK
3,611 01-Nov-97 31-Oct-2001
CELEBRITY CLEANERS
585 01-Sep-97 31-Aug-2002
Subtotal
9,588
- -----------------------------------------------------------------------
Expansions: ALEXANDER, NAU, ET AL
3,241 01-Oct-97 30-Sep-2002
WASSER, ROSENSON, ET AL
1,980 01-Nov-97 30-Sep-2001
LEGAL RESEARCH NETWORK
2,356 01-Nov-97 31-Oct-2002
Subtotal
7,577
- ----------------------------------------------------------------------
New Leases: AUSTRATRAVEL, INC.
847 22-Sep-97 30-Sep-2000
Subtotal
847
- ---------------------------------------------------------------------
Expirations: SPACE RECALC - CELBRITY
CLNRS 5 01-Sep-90 31-Aug-97
Subtotal
5
- -----------------------------------------------------------------------
Commencements: AKIN, GUMP, ET AL
16,541 01-Aug-97 31-Jul-2002
PROSKAUER, ROSE, ET AL
36,169 17-Aug-97 31-Aug-2007
PRUDENTIAL SECURITIES
3,179 01-Aug-97 31-Dec-2006
Subtotal
55,889
- -----------------------------------------------------------------------
Terminations: NONE
Subtotal
0
- ----------------------------------------------------------------
TOTAL ACTIVITY:
73,906 3.24%
- ----------------------------------------------------------------
C. Availability Analysis
R.S.F. Available R.S.F. Unoccupied
------------------------
---------------- -----------------
North Tower
106,259 117,386
South Tower
50,494 50,494
Retail Concourse
1,303 1,303
- -------------------------------------------------------------
RSF AVAILABLE TO LEASE
158,056 6.93% 169,183*
7.42%
- --------------------------------------------------------------------
</TABLE>
* Rent Roll reflects Austravel, Inc. for 847 sq. ft.
as occupied due to
anticipated occupancy of 9/22/97; however, Tenant
Change Report reflects it
as vacant.
<PAGE>
<TABLE>
<CAPTION>
09-12-97 10:28 AM 29 0NE
HUNDRED TOWERS, L.L.C.
PAGE 1
SQUARE FOOTAGE =
2,280,199
COMPARATIVE
STATEMENT OF EARNINGS
MONTH ENDING 08-31-97
YEAR TO DATE
ACTUAL BUDGET
ACTUAL BUDGET
AMOUNT /SQ.FT. AMOUNT /SQ.FT. FAV(UNF)
AMOUNT /SQ.FT. AMOUNT /SQ.FT.
FAV(UNF)
----------------------------------------------------
---------------------------------------------------
INCOME
------
<C> <C> <C> <C> <C> <S>
<C> <C> <C> <C>
<C>
5,304,512 27.92 5,287,458 27.83 17,054
POTENTIAL RENTS 25,806,295 27.16 25,967,333
27.33 161,038-
0 54,880- 0.29- 54,880 LESS
VACANCY RENTAL 85,740- 0.09- 159,018-
0.17- 73,278
105,570- 0.56- 115,426- 0.61- 9,856
LESS FREE RENT 604,534- 0.64- 593,761-
0.62- 10,773-
----------------------------------------------------
---------------------------------------------------
5,198,942 27.36 5,117,152 26.93 81,790
ACTUAL RENTS 25,116,021 26.44 25,214,554
26.54 98,553-
----------------------------------------------------
---------------------------------------------------
5,198,942 27.36 5,117,152 26.93 81,790
TOTAL INCOME 25,116,021 26.44 25,214,554
26.54 98,533-
----------------------------------------------------
---------------------------------------------------
OPERATING EXPENSES
------------------
156,820 0.83 166,138 0.87 9,318
BUILDING ADMINISTRATION 873,914 0.92 853,879
0.90 20,035-
73,323 0.39 131,270 0.69 57,947
GENERAL BUILDING 562,106 0.59 663,990
0.70 101,884
7,303 0.04 18,000 0.09 10,697
LANDSCAPING/GROUNDS 77,153 0.08 131,000
0.144 53,847
211,148 1.11 284,300 1.50 73,152
CLEANING 1,025,238 1.08 1,251,600 1.32
226,362
79,327 0.42 71,675 0.38 7,652-
SECURITY 430,720 0.45 358,375 0.38
72,345-
572,544 3.01 527,681 2.78 44,863-
ENERGY 2,701,941 2.84 2,650,542 2.79
51,399-
80,462 0.42 132,676 0.70 52,214
MAINTENANCE & REPAIRS 596,271 0.63 882,080
0.93 285,809
153,026 0.81 140,311 0.74 12,715-
FIXED CHARGES 722,807 0.76 767,555
0.81 44,748
293,667 1.55 308,419 1.62 14,752
PROPERTY TAXES 1,224,174 1.29 1,542,092
1.62 317,918
----------------------------------------------------
---------------------------------------------------
1,627,620 8.57 1,780,470 9.37 152,850 TOTAL
OPERATING EXPENSES 8,214,324 8.65 9,101,113
9.58 886,789
----------------------------------------------------
---------------------------------------------------
3,571,322 18.79 3,336,682 17.56 234,640 NET
OPERATING INCOME 16,901,697 17.79 16,113,441
16.96 788,256
----------------------------------------------------
---------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
09-12-97 10:28 AM 29 0NE
HUNDRED TOWERS, L.L.C.
PAGE 2
SQUARE FOOTAGE =
2,280,199
COMPARATIVE
STATEMENT OF EARNINGS
MONTH ENDING 08-31-97
YEAR TO DATE
ACTUAL BUDGET
ACTUAL BUDGET
AMOUNT /SQ.FT. AMOUNT /SQ.FT. FAV(UNF)
AMOUNT /SQ.FT. AMOUNT
/SQ.FT. FAV(UNF)
----------------------------------------------------
---------------------------------------------------
<C> <C> <C> <C> <C> <S>
<C> <C> <C> <C>
<C>
3,571,322 18.79 3,336,682 17.56 234,640 NET
OPERATING INCOME 16,901,697 17.79 16,113,441
16.96 788,256
----------------------------------------------------
---------------------------------------------------
FINANCIAL EXPENSES
------------------
1,537,655 8.09 1,536,608 8.09 1,047-
INTEREST 7,420,707 7.81 7,794,755
8.20 374,048
----------------------------------------------------
---------------------------------------------------
1,537,655 8.09 1,536,608 8.09 1,047- TOTAL
FINANCIAL EXPENSES 7,420,707 7.81 7,794,755
8.20 374,048
----------------------------------------------------
---------------------------------------------------
2,033,667 10.70 1,800,074 9.47 233,593 BUILDING
OPERATING INCOME 9,480,989 9.98 8,318,686
8.76 1,162,303
44,653 0.23 48,333 0.25 3,680 GENERAL
& ADMIN. EXPENSES 105,205 0.11 161,669
0.17 56,464
51,055- 0.27- 0 51,055 OTHER
INCOME AND EXPENSE 168,490- 0.18- 0
168,490
----------------------------------------------------
---------------------------------------------------
2,040,069 10.74 1,751,741 9.22 288,328
PARTNERSHIP INCOME 9,544,275 10.05 8,157,017
8.59 1,387,258
----------------------------------------------------
---------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
09-12-97 10:28 AM 29 0NE
HUNDRED TOWERS, L.L.C.
PAGE 3
SQUARE FOOTAGE =
2,280,199
COMPARATIVE
STATEMENT OF EARNINGS
MONTH ENDING 08-31-97
YEAR TO DATE
ACTUAL BUDGET
ACTUAL BUDGET
AMOUNT /SQ.FT. AMOUNT /SQ.FT. FAV(UNF)
AMOUNT /SQ.FT. AMOUNT /SQ.FT.
FAV(UNF)
----------------------------------------------
-------------------------------------------------------
<C> <C> <C> <C> <C> <S>
<C> <C> <C> <C>
<C>
2,040,069 10.74 1,751,741 9.22 288,328
PARTNERSHIP INCOME 9,544,275 10.05 8,157,017
8.59 1,387,258
----------------------------------------------
-------------------------------------------------------
156,281- 0.82 156,281- 0.82- 0 DEBT
SERVICE 229,369,475 241.42 636,525- 0.67-
230,006,000
140,255 0.74 140,311 0.74 56-
INSURANCE ADJUSTMENT 986,460- 1.04- 982,177-
1.03- 4,283-
293,667 1.55 308,418 1.62 14,751-
PROPERTY TAX ADJ 587,334 0.62 308,418-
0.32- 895,752
291,669- 1.53- 0 291,669-
ACCOUNTS/NOTES RECEIVABLE 462,657- 0.49- 0
462,657-
684,596 3.60 0 684,596 OTHER
ASSETS 9,584,123- 10.09- 0
9,584,123-
1,290,565- 6.79- 0 1,290,565- ACCOUNTS
PAYABLE-OTHER LIAB 7,130,694 7.51 0
7,130,694
61,608 0.32 0 61,608
SECURITY DEPOSIT 3,644,390 3.84 0
3,644,390
----------------------------------------------
-------------------------------------------------------
1,481,681 7.80 2,044,189 10.76 562,508- CASH
FLOW FROM OPER. 239,242,928 251.81 6,229,897 6.56
233,013,031
----------------------------------------------
-------------------------------------------------------
OWNERS
EQUITY
-------------
0 0 0 OWNER
CONTRIBUTION (DISTR) 241,786,399 254.49 0
241,786,399
----------------------------------------------
-------------------------------------------------------
0 0 0 TOTAL
OWNERS EQUITY 241,786,399 254.49 0
241,786,399
----------------------------------------------
-------------------------------------------------------
CAPITAL
EXPENDITURES
--------------------
1,158,318- 6.10- 473,580- 2.49- 684,783- TENANT
IMPROVEMENTS 3,814,798- 4.02- 1,935,896- 2.04-
1,878,902-
274,224- 1.44- 25,924- 0.14- 248,300- LEASING
COMMISSIONS 953,466- 1.00- 425,261- 0.45-
528,205-
0 0 0 LOAN
COSTS 1,492,500- 1.57- 0
1,492,500-
16,698- 0.09- 0 16,698-
ORGANIZATIONAL COSTS 5,308,002- 5.59- 0
5,308,002-
0 166,666- 0.88- 166,666- PARKING
STRUCTURE 15,019- 0.02- 833,330- 0.88-
818,311
40,436- 0.21- 167,958- 0.88- 127,522 BUILDING
ADDITION/RENOVATION 457,060,795- 481.07- 2,700,804-
2.84- 454,359,991-
0 0 0 BUILDING
EQUIPMENT 45,015- 0.05- 0
45,015
----------------------------------------------
-------------------------------------------------------
1,489,675 7.84- 834,128- 4.39- 655,547 TOTAL
CAPITAL EXPENDITURES 468,689,595- 493.31- 5,895,291-
6.21- 462,794,304-
----------------------------------------------
-------------------------------------------------------
7,994- 0.04- 1,210,061 6.37 1,218,055- NET
CASH FLOW 12,339,732 12.99 334,606 0.35
12,005,126
12,347,726 BEGINNING
CASH BALANCES 0
----------------------------------------------
-------------------------------------------------------
12,339,732 ENDING
CASH BALANCES 12,339,732
==============================================
=======================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
09-12-97 10:28 AM 29 0NE
HUNDRED TOWERS, L.L.C.
PAGE 4
MONTH ENDING 08-31-97
YEAR TO DATE
BEG ENDING CHANGE
BEG ENDING
CHANGE
--------------------------------------------------
-----------------------------------------------------
<C> <C> <C>
<S> <C> <C>
<C>
200 200 0
ACCOUNT 11100 0 200
200
27,666 1,842,267- 1,869,932
ACCOUNT 11200 0 1,842,267-
1,842,267-
2,393,762 2,393,762 0
ACCOUNT 11400 0 2,393,762
2,393,762
2,100,783 982,788 1,117,994-
ACCOUNT 11500 0 982,788
982,788
6,620,125 9,536,294 2,916,168
ACCOUNT 11700 0 9,536,294
9,536,294
1,205,191 1,268,955 63,764
ACCOUNT 11800 0 1,268,955
1,268,955
==================================================
=====================================================
12,347,726 12,339,732 7,994-
TOTALS 0 12,339,732
12,339,732
</TABLE>
<PAGE>
- ----------------------------------------------------------------
ONE HUNDRED TOWERS, L.L.C.
Capital Expenditure Report
August 31, 1997
- ------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
Paid Current
Estimated Cost to Anticipated Final
Account Description Month
YTD Cost Complete Cost Annual Budget
Variance
- ---------------------------------------------------------------------
<S> <C>
<C> <C> <C> <C>
<C>
Total Leasing Commissions - GL Acct. 271 $274,224
$953,465 $870,268 $1,823,733 $1,026,867
($796,866)
- -----------------------------------------------------------------------
</TABLE>
<PAGE>
- -------------------------------------------------------------
ONE HUNDRED TOWERS, L.L.C.
Capital Expenditure Report
August 31, 1997
- ------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
Paid Current
Estimated Cost to Anticipated Final
Account Description Month
YTD Cost Complete Cost Annual Budget
Variance
- ---------------------------------------------------------------------
<S> <C> <C>
<C> <C> <C>
<C>
- -----------------------------------------------------------------
Total Tenant Improvements - GL Acct. 222 $1,158,318
$3,814,797 $3,448,131 $7,262,928
$3,448,131 ($3,814,797)
- --------------------------------------------------------------------
</TABLE>
<PAGE>
- -----------------------------------------------------------------
ONE HUNDRED TOWERS, L.L.C.
Capital Expenditure Report
August 31, 1997
- ----------------------------------------------------------------
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
Paid Current
Estimated Cost to Anticipated Final
Account Description Month
YTD Cost Complete Cost Annual Budget
Variance
- --------------------------------------------------------------------
<S> <C> <C>
<C> <C> <C> <C>
Total Building - GL Acct. 22100 $40,436
$457,052,591 $2,687,641 $459,740,232
$2,687,641 ($457,052,591)
- --------------------------------------------------------------------
- ------------------------------------------------------------------
Total B & I - Curtain Wall - GL Acct. 22105 $0
$8,206 $417,000 $425,206 $417,000
($8,206)
- --------------------------------------------------------------------
</TABLE>
<PAGE>
- ------------------------------------------------------------------
ONE HUNDRED TOWERS, L.L.C.
Capital Expenditure Report
August 31, 1997
- ----------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
Paid Current
Estimated Cost to Anticipated Final
Account Description Month
YTD Cost Complete Cost Annual Budget
Variance
- ---------------------------------------------------------------------
<S> <C> <C>
<C> <C> <C>
<C>
- -------------------------------------------------------------
Total Building Equipment - GL Acct. 223 $0
$45,015 $0 $45,015 $0
($45,015)
- -------------------------------------------------------------------
- ---------------------------------------------------------------------
Total Parking Structure - GL Acct. 225 $0
$15,019 $0 $15,019 $0
($15,019)
- ------------------------------------------------------------------
- ----------------------------------------------------------------
Total Closing Costs - GL Acct. 268 $16,698
$5,308,002 $0 $5,308,002 $0
($5,308,002)
- ---------------------------------------------------------------------
- --------------------------------------------------------------------
Total Loan Costs - GL Acct. 270 $0
$1,492,500 $0 $1,492,500 $0
($1,492,500)
- -------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
Paid Current
Estimated Cost to Anticipated Final
Account Description Month
YTD Cost Complete Cost Annual Budget
Variance
- -------------------------------------------------------------------
<S> <C>
<C> <C> <C> <C>
<C>
Subtotal $0
$0 $7,165,045 $7,165,045 $0
($7,165,045)
Reserve Funds Returned to JPM
(1,092,921) (1,092,921)
1,092,921
- --------------------------------------------------------------------
Total Capex Escrow - GL Acct. 286
$6,072,124 $6,072,124 $0
($6,072,124)
- ---------------------------------------------------------------------
</TABLE>
<PAGE>
- -----------------------------------------------------------------
ONE HUNDRED TOWERS, L.L.C.
Capital Expenditure Report
August 31, 1997
- --------------------------------------------------------------------
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
Paid Current
Estimated Cost to Anticipated Final
Account Description Month
YTD Cost Complete Cost Annual Budget
Variance
- ------------------------------------------------------------------------
<S> <C> <C>
<C> <C> <C> <C>
Total Deferred Maintenance - GL Acct. 287 $0
$0 $1,162,000 $1,162,000 $0
($1,162,000)
- ----------------------------------------------------------------------
- -----------------------------------------------------------------------
Total Garage Renovation - GL Acct. 288 $0
$0 $2,000,000 $2,000,000 $0
($2,000,000)
- ---------------------------------------------------------------------
- --------------------------------------------------------------------
Total Other $0
$0 $615,000 $615,000 $615,000
$0
- -----------------------------------------------------------------------
- -------------------------------------------------------------------
Total Capital Expenditures $1,489,676
$468,689,595 $17,956,760 $486,646,355
$8,194,639 ($478,451,716)
- ------------------------------------------------------------------
</TABLE>
